China is investing tens of billions of pounds in upgrades to ports, roads and railways – including outside the country - under the initiative to boost trade.
“The European Investment Bank, the EU Bank, recognises the potential of the Belt and Road Initiative to promote economic growth and strengthen international cooperation,” said EIB director-general Jean-Christophe Laloux. “We appreciate the tremendous efforts of all involved and recognise the clear the leadership that China has shown to develop this key initiative. Cooperation and shared experience is crucial to ensure maximum impact of infrastructure projects of this scale and the European Investment Bank looks forward to sharing our unique financial, technical and environmental experience gained across Europe and around the world to support the Belt and Road initiative.”
The strengthened cooperation between China and the EIB to support the Belt and Road Initiative will enable increased dialogue and examination of individual infrastructure projects located in Asia, Europe and Africa and covered by the initiative.
EIB said that it is expected that the agreement between China and six multilateral development banks will enable greater investment in infrastructure crucial for cross border trade, and contribute to strengthening growth, development and prosperity across three continents.
A memorandum of understanding was signed by representatives of the Asian Development Bank, Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development, the New Development Bank, the World Bank, and the European Investment Bank.