New funding for China's Belt and Road Initiative

New funding for China’s Belt and Road Initiative

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Xi announced on Wednesday that major Belt and Road lenders China Development Bank and the Export-Import Bank will now lend an additional $100 billion.

The two will create financing opportunities worth 350 billion yuan ($47.9 billion) for BRI projects, he said.

Xi said an additional 80 billion yuan would be invested in the Silk Road Fund, the project’s official lending institution.

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

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