BEIJING, May 15: China has announced to provide an assistance of USD 8.7 billion to the developing countries and international organizations participating in the Belt and Road Initiative.
Delivering a keynote speech at the opening ceremony of the Belt and Road Forum for International Cooperation in Beijing on Sunday, Chinese President Xi Jinping said that China will provide an assistance of USD 8.7 billion to the developing countries and international organizations participating in the Belt and Road Initiative to launch more projects for infrastructure connectivity.
Developing countries like Nepal which have already signed the Memorandum of Understanding to be part of China's ambitious Belt and Road Initiative can reap massive benefits in infrastructure development, among others from the announcement.
Chinese President Xi also announced that China will contribute an additional USD 14.5 billion to the Silk Road Fund. The Chinese government has already pledged to provide USD 40 billion to the fund, which provides financing support for the implementation of infrastructural projects in the countries which are part of the Belt and Road Initiative. Among other things, Xi announced that China will set up 50 joint laboratories with countries participating in the Belt and Road Initiative to enhance cooperation on innovation.