China Pledges $20 Billion to Middle East
Chinese President Xi Jinping has stated he intends to provide US$20 billion in loans to Middle Eastern countries in order to strengthen ties and further China’s One Belt, One Road vision, according to reports.
President Xi's "One Belt, One Road" aims to reawaken the ancient maritime silk road that tied together Asia, the Middle East and Europe for centuries.
During a speech at the China-Arab Cooperation Forum, President Xi made the pledge of investing up to $20 billion in loans.
Given the fractious nature of global politics and the world economy, China looks eager to make firm friends in an increasingly split world.
As well as backing port and railway construction, President Xi also expressed an interest in becoming involved in crude oil and natural gas extraction.
The One Belt, One Road is seen as President Xi’s great legacy project that will make him a famous name in China’s history, as well as powering China to becoming the most dominant economic power in the world.
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