Chinese Banks Plans To Invest US$900 Bln In 'Belt And Road' Projects

By Niam Seet Wei BEIJING, May 29 (Bernama) -- China Development Bank, a Chinese policy bank, is expected to invest nearly US$900 billion into some 900 projects related to 'Belt and Road' initiatives. The China-proposed 'Belt and Road' related projects would involve a total of 60 countries, state-owned CRIENGLISH.com reported on Friday. More than US$10 billion had been invested into some 50 different projects under the 'Belt and Road' plan involving gas, mining, electricity and telecommunications. Meanwhile, Chinese Vice-Premier Zhang Gaoli said the country planned to set up six economic corridors along the 'Belt and Road' countries which would link throughout Asia and Europe. "The project will be funded, in part, through the Asian Infrastructure Investment Bank and the Silk Road Economic Development Fund," state-run China Daily quoted Zhang as saying. It said the corridors were established to run through China-Mongolia-Russia, New Eurasian Land Bridge, China-Central and West Asia, China-Indo-China Peninsula, China-Pakistan and Bangladesh-China-India-Myanmar. China's Belt and Road initiative, including the Silk Road Economic Belt (SREB) and the 21st Century Maritime Silk Road (MSR) were mooted by its president, Xi Jinping, The SREB concept aimed at boosting cooperation with countries across Asia, Europe and Africa, while the latter aimed at promoting maritime cooperation with neighbouring ASEAN countries. -- BERNAMA