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Ernst & Young: Chinese banks issue loans of over USD200 bln to Belt & Road projects
28 Sep 2018

 

Chinese-funded banking institutions have participated in nearly 2,700 Belt and Road projects in the past three years, with a total credit line of around 400 billion U.S. dollars and loans of over 200 billion U.S. dollars, according to a report recently released by the accounting giant Ernst & Young.

 

At present, China has carried out various forms of financial cooperation with B&R countries and international organizations, according to Liu Ye, partner of Transaction Advisory Services of Ernst & Young.

 

The financial institutions at home and abroad are actively establishing new financing models, and through a variety of financial instruments, rationally guiding credit supply to meet the funding needs of B&R countries, he added.

 

Up to June 2018, the trade volume of goods between China and countries along the B&R routes totaled more than 5 trillion U.S. dollars, and the total investment in overseas economic and trade cooperation zones built in B&R countries was 28.9 billion U.S. dollars. These cooperation zones have created 244,000 jobs and paid more than 2 billion U.S. dollars of tax to the local areas, according to the report.

 

Source:  Belt and Road Portal