EBRD says China's Belt and Road Initiative key to boost global trade, development

DEAD SEA, Jordan - The European Bank for Reconstruction and Development (EBRD) said Tuesday that China's Belt and Road Initiative is a great move to boost global trade.

"This is a very important initiative to enhance global trade, drive growth and enhance financial connectivity," said Jurgen Rigterink, first vice president of the EBRD, during a session as preparatory meetings for the EBRD's 27th Annual Meeting and Business Forum from May 9 to 10.

He said that China is one of the top providers of investments in regions where the EBRD invests, adding that there was a need to remove all challenges to render it a success.

During the session, participants said one of the key benefits of the initiative is creating jobs and supporting local people where the initiative is implemented.

The Belt and Road Initiative, proposed by China in 2013, aims to connect Asia with the Middle East, Africa and Europe through building a trade and infrastructure network along the ancient trade routes.

Addressing the session, Chen Yulu, deputy governor of the People's Bank of China, China's central bank, said many countries support the initiative and the scheme will boost global trade and development.

He added that more than 80 countries and international organizations have signed memorandums of understanding related to the implementation of the initiative.

"EBRD is a natural partner for the Belt and Road Initiative," Chen said, underling the need to face challenges.

He added that China has signed guidelines for the financing of the initiative with 26 countries, noting that the initiative attaches great importance to the sustainability of the countries along the routes of the scheme.

"Multilateral development banks are welcome to the Belt and Road Initiative, which will improve welfare and attract investments," the Chinese official said.