Asia

China’s Xi announces over US$100 billion in new Belt and Road funding

Both will set up financing opportunities of 350 billion yuan (US$47.9 billion) for BRI projects, he said.

An additional 80 billion yuan will be injected into the project’s official lending institution, the Silk Road fund, Xi said.

This week’s forum, attended by representatives of 130 countries, is the third major summit of its kind to be hosted by Beijing since the Belt and Road’s launch in 2013.

Critics have long pointed to opaque pricing for BRI projects built by Chinese companies, with countries including Malaysia and Myanmar renegotiating deals to bring down costs.

Source: CNA

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