Loans supporting Belt and Road Initiative reach $79 billion

The Export-Import Bank of China has stepped up financial support for the implementation of the Belt and Road Initiative, said Dai Peng, general manager of the bank's executive office on Thursday.

As of the end of 2015, the bank's outstanding loans to countries along the routes of the Belt and Road Initiative rose 46 percent from the beginning of last year to 520 billion yuan ($79 billion), accounting for 37 percent of its total overseas lending.

During the year, China EximBank signed contracts for about 500 projects worth nearly 300 billion yuan. At present, it has participated in more than 1,000 projects with a loan balance in 49 countries along the routes of the initiative, covering a number of fields including roads, railways, harbors, power, communications and industrial parks.

The bank supported the construction of Tajikistan－Uzbekistan Road, improving the transportation capacity between the southern and northern parts of Kyrgyzstan and shortening the journey to four to five hours.

It also initiated the founding of several investment funds, including the China-ASEAN Investment Cooperation Fund, to integrate and guide social capital to support the Belt and Road Initiative.

The first phase of the fund was invested in 10 projects in member states of the Association of Southeast Asian Nations, mainly covering fields such as infrastructure construction, natural resources and the people's livelihood. These projects created opportunities for Chinese companies, products, technologies and standards to go global.

Dai said the bank will strengthen efforts in financial services and product innovation, deepen its cooperation with multilateral financial institutions and tighten risk control based on the risk assessment of countries along the routes of the initiative.