The European Investment Bank (EIB) officially announced its support for the Chinese initiative for a 'new Silk Road' (Belt and Road initiative), at an international forum on the subject opened by Chinese President Xi Jinping in Beijing on 14 and 15 May.
The EIB said that it was prepared to share its financial, technical and environmental expertise to support this Chinese initiative, adding that it recognises the initiative's potential to “promote economic growth and strengthen international cooperation”.
To this end, the EIB anticipates reinforced cooperation with China to assess the individual infrastructure projects covered by the initiative and located in Asia, Europe and Africa.
Additionally, the EIB and five multilateral development banks - the Asian Development Bank, the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development, the new Development Bank and the World Bank - signed a memorandum of understanding with China to allow “greater investment” in key infrastructure to boost cross-border trade across the three continents.
Lastly, the EIB stressed its commitment to ensuring that the projects supported under the initiative include support for sustainable and inclusive investments across a broad range of sectors and that the support schemes are reinforced by open competition. (Original version in French by Emmanuel Hagry)