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WB allocates $8B for Silk Road Economic Belt projects

12 September 2017 [17:40] - TODAY.AZ

By Azernews

The World Bank has allocated about $8 billion for infrastructure projects of the Chinese initiative - Silk Road Economic Belt.

This was stated by World Bank President Jim Yong Kim on September 12 at a roundtable with the heads of international financial and economic organizations in the "6 + 1" format, TASS reported.

"The World Bank has already provided a total of about $8 billion to help develop infrastructure within the framework of the Silk Road Economic Belt. The investment, especially in infrastructure, is extremely important. The Chinese initiative of the Silk Road Economic Belt catalyzes infrastructure investments," he said.

Kim noted that the World Bank will help the countries of this initiative to take maximum advantage of the opportunities provided, in accordance with their own development strategies.

The round table in the "6 + 1" format with the heads of international financial and economic organizations is held in Beijing. Chinese Premier of the State Council Li Keqiang, World Bank President Jim Yong Kim, Managing Director of the International Monetary Fund Christine Lagarde, Director General of the World Trade Organization Roberto Azevedo, Director General of the International Labor Organization Guy Ryder and Secretary General of the Organization for Economic Cooperation and Development Angel Gurria attend the event.

The initiative to create the Silk Road Economic Belt ("One belt - One road") was put forward by Chinese President Xi Jinping in 2013. This project is aimed at creating a transport, energy and trade corridor between the countries of Central, Eastern, South Asia and Europe to intensify scientific and technical cooperation and deepen economic cooperation between states.

Azerbaijan is a key link in the Silk Road Economic Belt, the Chinese vision for a route connecting Asia, Europe and the rest of the world. The Silk Road Economic Belt comprises 6 corridors which connect five central Asian countries, Iran and the Persian Gulf region, Transcaucasia, Turkey and the Saudi Arabian peninsula.

Traditionally, trade between China and West Asia takes place mostly via maritime routes, and the China-Central Asia-West Asia Economic Corridor is a land-based substitute for these traditional routes. The shortest way to approach West Asia from China is via Baku, the capital of Azerbaijan.


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