BEIJING: China announced Tuesday its Belt and Road Initiative infrastructure project had generated two trillion dollars in contracts around the world, equivalent in size to some of the world’s biggest economies.
A white paper from China’s State Council also said countries participating in the initiative owe more than $300 billion to the Export-Import Bank of China , a figure one expert said was likely understated but which lays bare the huge debts incurred in the global infrastructure initiative.
SPONSORED CONTENT Daily Express members: Enjoy 1 for 1 signature cocktails and more at Hyatt Centric Kota Kinabalu Kota Kinabalu: DAILY EXPRESS is partnering with Hyatt Centric Kota Kinabalu to offer an exclusive deal for our members. Read more Beijing said Tuesday the value of signed construction contracts with partners now totalled two trillion dollars—roughly the size of the economy of Russia or Canada.
“We simply don’t have information about these projects and how these figures have added up,” she said. Beijing’s Silk Road Fund—established to help fund BRI projects—in turn has “signed agreements on 75 projects with committed investment of about $22 billion”, the white paper said.
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