China International Trust and Investment Corporation (CITIC) announced that will invest CNY700 billion (USD 112.79 billion) to support China’s new “One Belt, One Road” initiative.
Under the initiative, China aims to create a modern trade route known as the Silk Road Economic Belt and the 21st Century Maritime Silk Road.
Projects under the plan include a network of railways, highways, oil and gas pipelines, power grids, Internet networks, maritime and other infrastructure links.
These will span central, west and south Asia to as far as Greece, Russia and Oman, increasing China’s connections to Europe and Africa.
President Xi Jinping said in March that he hoped China’s annual trade with the countries involved in the initiative would surpass USD 2.5 trillion in a decade.
China CITIC Bank Corp, with more than CNY4 trillion (USD 653 billion) in assets, will provide more than CNY400 billion (USD 65 billion) in financing to more than 200 projects in areas such as infrastructure, energy, agriculture and culture through its local branches, the bank said.