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 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.