CITIC Group promises hefty financing support for "Belt and Road"

0 Comment(s)Print E-mail Xinhua, June 24, 2015
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The CITIC Group on Wednesday announced a total of over 700 billion yuan (115 billion U.S. dollars) in investment and financing support for the Belt and Road initiatives.

China CITIC Bank, CITIC Securities, CITIC Trust and several others are among the companies involved. CITIC Bank alone offered over 400 billion yuan.

In addition, the lender plans a fund for the Belt and Road with an initial capital of 20 billion yuan.

The hefty financing will be spent in at least 10 countries along the Belt and Road on infrastructure, environmental protection, new energy, agriculture and education.

The Belt and Road Initiative refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road proposed by China in 2013 for improved cooperation with countries in Asia, Europe and Africa.

The Chinese government published an action plan specifying the principles, framework, priorities and mechanisms for the initiative in March. A 40 billion U.S. dollar Silk Road fund, designed to finance the Belt and Road, has also been launched. Endi

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