An additional 80 billion yuan ($11 billion) will be invested in Beijing’s Silk Road Fund to support BRI projects. The pledges of hefty support from Beijing come at a time when China’s economy has slowed and foreign investment has plunged. Guterres highlighted the BRI’s potential to bring development to neglected areas while stressing the need for projects to be environmentally sustainable. With the BRI, China has become a major financer of development projects on a par with the World Bank. China will also “monitor the debt sustainability of BRI countries more closely,” Christoph Nedopil, director of the Asia Institute at Griffith University in Australia, wrote in a report.

Source: Ethiopian News October 18, 2023 04:09 UTC