China to add another 100 bln yuan to coffers for Belt and Road initiative

Chinese President Xi Jinping has said his country will invest a further 100 billion yuan (US$14.5 billion) more into its Silk Road Fund, Xinhua reports.

The Chinese state-run news agency quotes Mr Xi at the opening of an international conference on the Belt and Road Initiative, which the Silk Road Fund is part of.

The report also quotes the president as saying the China Development Bank and Export-Import Bank of China, both state-owned banks, will make 380 billion yuan of loans available to support the initiative.

Mr Xi said the Mainland would encourage financial institutions to distribute 60 billion yuan worth of aid over the next three years to developing countries covered by the initiative and to international organisations.

He described the initiative as the “project of the century”, which would benefit people around the world, Xinhua says.