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China will fund $40 billion for silk road project

Beijing, Nov 9 (TruthDive): China will fund up to $40 billion to build a mega Silk Road project to improve connectivity across Asia, Chinese President Xi Jinping announced on Saturday. The announcement is made ahead of APEC summit in which the US President Barrack Obama and other top leaders of the world are meeting to boost infrastructure in the region.

The APEC summit will be held in the Chinese capital, Beijing, from November 10 to 11. At the summit of the leaders of the 21-member Asia Pacific Economic Cooperation (APEC), China will be locking horns with US to gain control of the leadership of the region.

By contributing USD 40 billion to build the Silk Road project, China would break the block in Asian connectivity. Xi made this announcement at a neighborhood leader’s summit that was attended by the leaders of Myanmar, Cambodia, Pakistan, Bangladesh, Laos, Tajikistan and Mongolia.

Xi said that the fund would be used to offer financial and investment support to make industrial cooperation, infrastructure, resources and other schemes related to the connectivity to other countries along “Belt and Road”. He referred to Silk Road as the Economic Belt of China and the 21st Century Maritime Silk Road enterprises.

He said that China would also offer inter-connectivity training programme for about 20,000 people from neighboring countries in the next five years.

When explaining the consideration of China in encouraging connectivity within Asia, Xi said that the Asian countries have to multiply their determination to get new powers in value-added market innovation investments and to promote new growth regions and new viable edges.

A report given by the Asian Development Bank evaluates that Asia requires as much as 730 billion U.S. dollars per year in infrastructure investment before 2020.

It was not clear immediately how the reserve would work and when the project would start its operations or where it would be constructed, though it is sure it would be based in China.