Chinese President Xi Jinping said that China will contribute USD 40 billion to its new Silk Road Fund designed to improve trade and transport links in Asia, according to Xinhua news agency.
The announcement of how much money China will invest in the new fund comes on top of a USD 50 billion Asian Infrastructure Investment Bank that China established last month with 20 other countries.. Xi said this past week that the bank and the new Silk Road Fund would help to finance China’s plans to develop a “Silk Road Economic Belt” and a “21st Century Maritime Silk Road.”
The fund will be used to provide investment and financing support to carry out infrastructure, resources, industrial cooperation, financial cooperation and other projects related to connectivity for countries along the “Belt and Road”, Xi said during the Asia-Pacific Economic Cooperation (APEC) meetings.
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