BRI transport projects to benefit global economy, says World Bank

Transport infrastructure projects under the Belt and Road Initiative have the potential to "substantially" boost trade and reduce poverty in participating economies, as well as to generate a positive impact for the wider global economy, said a report released by the World Bank Group on Wednesday.

To achieve the full potential of the BRI, the report called for joint efforts from China and other participating economies to adopt deeper policy reforms, and adhere to high quality standards of transparency, environmental, social and debt sustainability.

"If fully implemented, BRI transport infrastructure can reduce travel times for economies along transport corridors by up to 12 percent, reducing trade costs," the report said, after assessing the network of proposed transportation projects in about 70 countries along land and maritime BRI corridors that connect Asia, Europe, and Africa.