March 27, 2019 / 4:55 AM / 25 days ago

China Development Bank provides over $190 billion for Belt and Road projects

FILE PHOTO: The sign of an international forum on the "Belt and Road" Legal Cooperation is pictured in Beijing, China July 2, 2018. REUTERS/Jason Lee

BOAO, China (Reuters) - China Development Bank (CDB) has provided financing of over $190 billion for more than 600 projects of the “Belt and Road” infrastructure plan since 2013, CDB President Zheng Zhijie told the Boao Forum on Wednesday.

As of 2018 end, the CDB’s outstanding international businesses in countries along the Belt and Road were $105.9 billion, accounting for 34 percent of the bank’s overall international businesses, Zheng said.

The Belt and Road Initiative (BRI) lies at the heart of China’s foreign policy strategy. It was incorporated into the ruling Communist Party constitution in 2017, reflecting President Xi Jinping’s desire for China to take a global leadership role.

Reporting by Kevin Yao; Editing by Richard Borsuk and Rashmi Aich

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