Cambodia and other 5 Countries Agree to Donate US$180.2 million to Fund BRI Projects

• 10 July 2020
• Local News
• 3433 Views

Cambodia and other 5 countries including China, Egypt, Saudi Arabia, Hungary, and the Philippines have agreed to donate US$180.2 million as a multilateral fund to support Belt and Road Initiative (BRI) infrastructure projects, according to China Daily on 08 July 2020.

The fund was set up by the Multilateral Cooperation Center for Development Finance and approved by the Asian Infrastructure Investment Bank (AIIB) to support infrastructure construction under the BRI.

The AIIB Board of Directors will manage the fund and establish a secretariat to support the operation of projects.

In 2017, as part the BRI, there was also the establishment of a Belt and Road Forum for International Cooperation, to support infrastructure development projects.

The BRI is a global development strategy adopted by the Chinese government in 2013 involving infrastructure development and investments in nearly 70 countries and international organisations.

Despite the COVID-19 crisis, the Belt and Road Initiative projects in Cambodia including hydroelectric projects, railroads, bridges, tunnels, roadbeds, and other civil engineering works are continuing as usual. (Read more)

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