Belt and Road to get $113b in CITIC financing

China CITIC Bank Corp Ltd and other subsidiaries of the State-owned CITIC Group Corp plan to support the country's Belt and Road Initiative with combined investment and financing worth more than 700 billion yuan ($113 billion).

The mid-sized commercial lender will provide more than 400 billion yuan of that in financing to more than 200 projects in areas such as infrastructure, energy and agriculture, said Chang Zhenming, the bank's chairman.

The Silk Road Economic Belt and the 21st Century Maritime Silk Road initiatives were proposed by President Xi Jinping in 2013 to improve the infrastructure connectivity along the trading routes.