Xi Jinping: China to contribute additional $11B to Silk Road Fund

China will add 80 billion yuan ($10.9 billion) to the Silk Road Fund to support the joint construction of Belt and Road Initiative projects, Chinese President Xi Jinping said on Wednesday in his speech at the 3rd Belt and Road Forum in Beijing, Report informs.

"China Development Bank and Export-Import Bank of China will each open a financing window of 350 billion yuan ($47.8 billion), and 80 billion yuan ($10.9 billion) of new funds will be added to the Silk Road Fund to support joint construction of projects of the One Belt - One Road initiative," said the Chinese leader.

He also added that a business forum was held within the framework of the high-level Belt and Road Forum, as a result of which cooperation agreements worth $97.2 billion were reached.

The third high-level Belt and Road Forum is being held in Beijing on October 17-18 in the tenth year of the initiative of the same name proposed by Xi Jinping.

Belt and Road is an international initiative of China to improve existing and create new trade and transport corridors connecting more than 60 countries in Central Asia, Europe and Africa, which is designed to promote the development of trade relations between them and China.