China announces $124 billion for Belt and Road initiative

China announces $124 billion for Belt and Road initiative

BEIJING: Chinese President Xi Jinping, pledging $124 billion for new Silk Road plan , today said that his country welcome everyone to join what he envisioned would be a path for peace and prosperity for the world.

The pledge is directed at what China calls the Belt and Road initiative- a new way to boost development since Xi unveiled the plan in 2013, aiming to expand links between Asia, Africa, Europe and beyond underpinned by billions of dollars in infrastructure investment.

Addressing the opening session of the Belt and Road summit President Xi Jinping further said  “We should build an open platform of cooperation and uphold and grow an open world economy. We should jointly create an environment that will facilitate opening up and development, establish a fair, equitable and transparent system of international trade and investment rules.”

According to foreign news agency the massive $ 124 billion boost announced by President Xi Jinping include an additional 100 billion yuan ($14.50 billion) into the existing Silk Road Fund; 250 billion yuan in loans from China Development Bank; 130 billion yuan in loans from Export-Import Bank of China; 60 billion yuan in aid to developing countries and international institutions in new Silk Road countries; encouraging financial institutions to expand their overseas yuan fund businesses to the tune of 300 billion yuan; 2 billion yuan in emergency food aid; $1 billion to a South–South Cooperation fund; $1 billion for cooperation projects in countries on the new Silk Road

Leaders from 29 countries including Pakistan are attending the forum, which will conclude tomorrow. The  Pakistan delegation is headed by Prime Minister Nawaz Sharif, chief ministers of all the four provinces, and other high officials.

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