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China pledges to lend Arab countries $ 20 billion


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China pledges to lend Arab countries $ 20 billion

Post by rocky on Tue 10 Jul 2018, 4:22 am

China pledges to lend Arab countries $ 20 billion
10-07-2018 11:45 AM    

Baghdad News -



Announced that Chinese President Xi Jinping on Tuesday that his country will provide loans for economic development worth $ 20 billion to Arab countries.
Ping revealed to the eighth session of the Forum on China-Arab Cooperation that the loans will be allocated to 'projects that will provide good jobs and will have a positive social impact in Arab countries have needs for reconstruction', without giving further details, according to Reuters. 

The Chinese president explained that the loans are part of a special Chinese program of 'economic restructuring' and 'stimulate industries'. 

He added that his country was ready to provide another loan worth another $ 150 million to countries in the region to 'strengthen their capacity to maintain stability'. 

Ping's vision focuses on the 'Belt and Road' initiative, allocating $ 1 trillion worth of infrastructure to revitalize the Silk Road. 

Ping said that the geographical location of Arab countries at the heart of the old trade route makes them 'natural partners'

"The Arab and Chinese peoples are far away because of distance but close to being a family. China welcomes the opportunity to participate in the development of ports and construction of railway networks in Arab countries as part of a logistics network connecting Central Asia, East Africa and the Indian Ocean in the Mediterranean. ' 

China has already provided loans to Arab countries, including $ 1.3 billion to Djibouti alone, according to the US-China Research Initiative.

    Current date/time is Thu 20 Sep 2018, 11:08 pm