China pledges financial support to Central and Eastern European Countries

15:06 | 28/11/2017 Cooperation

Chinese premier Li Keqiang announced on Monday that China would expand its loans and funds in joint projects between the Central and East European Countries (CEEC) and China.

Chinese premier Li Keqiang arrived in Budapest, Hungary on Sunday for the sixth Summit of Heads of Government of Central and East European Countries and China

Li made the remarks during his keynote speech at the seventh China-CEEC Economic and Trade Forum in the Hungarian capital of Budapest.

According to Li, loans worth US$2.4bn from the China Development Bank will flow to a newly established institution called the China and CEEC Inter-Bank Association, which will assist with development-oriented cooperation and financial projects, Xinhua reports.

Another US$1bn fund will also be added to the second phase of the China-Central and Eastern Europe Investment Cooperation Fund - most of which will be invested in CEEC regions.

The Investment Cooperation Fund, set up in 2016, has greatly extended the financial and investment channels between the two, Li noted, adding that Chinese venture in the 16 CEEC nations grew to US$9bn last year - more than triple that of 2010.

Theo Gbtimes