'New Silk Road': Chinese Banks Set to Invest Big in Global Project

Chinese President Xi Jinping announced on Sunday that the two banks of the country will pour about $55 billion into the "One Belt, One Road Initiative," a strategy to create a trade corridor between the eastern and western parts of Eurasia.

BEIJING (Sputnik) — The China Development Bank will allocate 250 billion yuans ($36.2 billion) to support projects within "One Belt, One Road" initiative, Xi said.

"The China Development Bank will allocate a special-purpose loan of 250 billion yuans, which will support the cooperation projects in the spheres of infrastructure building, production and finance within the 'One Belt, One Road' strategy," Xi said at the the two-day Belt and Road Forum for International Cooperation, which kicked off in Beijing on Sunday.

The Export-Import Bank of China will allocate 130 billion yuan ($18.8 billion) to support projects within "One Belt, One Road" initiative, the president said.

"The Export-Import Bank of China will allocate a special-purpose loan of 130 billion yuan to support the cooperation projects in the spheres of infrastructure building, production and finance within the 'One Belt, One Road' strategy."

China will also allocate additional 100 billion yuan ($14.4 billion) for projects within the initiative.

In 2013, China announced its new strategy of economic development, called "One Belt, One Road," which aims at establishing infrastructure in Eurasia for the creation of a trade corridor between the eastern and western parts of the continent. It encompasses two main directions of development: Silk Road Economic Belt and Maritime Silk Road.