Chinese President Xi Jinping today announced USD 40-billion fund to build mega Silk Road projects criss-crossing Asia, ahead of the key APEC summit to be attended by US President Barrack Obama and other top global leaders to bolster infrastructure in the region.
China will contribute USD 40 billion to set up a Silk Road Fund to “break the bottleneck in Asian connectivity” by building a financing platform, Xi told a neighbourhood leaders summit attended by leaders from Pakistan, Bangladesh, Myanmar, Cambodia, Laos, Mongolia and Tajikistan.
The fund will be used to provide investment and financial support to carry out infrastructure, resources, industrial cooperation and other projects related to connectivity for countries along the “Belt and Road”, Xi said, referring to China’s Silk Road Economic Belt and the 21st Century Maritime Silk Road initiatives.
He said China will provide inter-connectivity training for 20,000 people from the neighbouring countries in the next five years.