BEIJING (AFP) – China announced yesterday it will host a gathering of foreign leaders next week to celebrate a decade of its Belt and Road Initiative (BRI) infrastructure project, with Russian President Vladimir Putin expected to attend.
The BRI is a landmark project in China’s bid to expand its clout overseas, with Beijing saying this week it had now inked over USD2 trillion in contracts around the world.
Representatives from over 130 countries are due to take part in the event, with Xi set to deliver an opening speech and hold a welcoming banquet for foreign leaders. It is the third forum of its kind since China launched the vast investment initiative, with events previously held in 2017 and 2019.
Russian President Putin has said he will attend. Top Russian diplomat Sergei Lavrov will also attend and hold talks with Chinese counterpart Wang Yi, Moscow said.
“We welcome countries and partners actively participating in the BRI to come to Beijing to discuss cooperation plans and seek common development,” Foreign Ministry spokesperson Mao Ning said last month. Beijing hailed the BRI on Tuesday as having “delivered real gains to participating countries”.
It also said the balance of loans for BRI projects from the Export-Import Bank of China (Eximbank) – a key BRI creditor – now totalled CNY2.2 trillion (USD307.4 billion).
Eximbank has financed major transport and energy projects across the BRI and has been linked to foreign loan plans everywhere from Africa to Central Asia.
A report by experts at Boston University’s Global Development Policy noted the BRI’s role in providing “additional resources for the Global South” and fostering “significant economic growth”.
