Business / Economy

China EximBank steps up Belt and Road support

By Jiang Xueqing ( Updated: 2016-01-15 17:50

According to the general manager of the Export-Import Bank of China, Dai Peng, they has stepped up financial support for the implementation of the Belt and Road Initiative.

"China EximBank will strengthen efforts in financial services and product innovations, deepen its cooperation with multilateral financial institutions, and tighten risk control based on the risk assessment of countries along the routes of the initiative," Dai said.

At the end of 2015, the bank's outstanding loans to countries along the routes of the Belt and Road Initiative rose 46 percent from the beginning of last year to 520 billion yuan ($79 billion), accounting for 37 percent of its total overseas lending.

During the year, China EximBank signed about 500 projects contracts worth nearly 300 billion yuan. The bank currently participates in more than 1,000 projects with a loan balance in 49 countries along the routes of the initiative. The bank specializes in covering a number of fields such as: roads, railways, harbors, power, communications and industrial parks.

The bank supported the construction of Tajikistan-Uzbekistan Road, improving the transportation capacity between the southern and northern parts of Kyrgyzstan and shortening the journey to four about five hours.

It also initiated the founding of several investment funds, including the China-ASEAN Investment Cooperation Fund, to integrate and guide social capital in support of the Belt and Road Initiative.

The first phase of the fund invested 10 projects in member states of the Association of Southeast Asian Nations, mainly covering fields like infrastructure construction, natural resources and the people's livelihood. The projects created opportunities for Chinese companies, products, technologies and standards to go global.

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