Xi pledged a massive funding boost to the new Silk Road, including an extra 100 billion Yuan (US$14.50 billion) into the existing Silk Road Fund, 380 billion in loans from two policy banks and 60 billion Yuan in aid to developing countries and global institutions in new Silk Road countries. The heads of the International Monetary Fund, the World Bank, and the United Nations also attended the summit.
Nepal is officially signed an agreement two days ago to be part of President Xi Jinping's ambitious plan to build a new Silk Road, he said on the sidelines of the Belt and Road Forum in Beijing.
It's open to all countries, not just those physically on the ancient trade routes.
Chinese President Xi Jinping used the forum to pledge an extra $122bn for worldwide infrastructure schemes.
Australia is yet to sign up for the initiative unlike New Zealand and 67 other nations.
Liu Zhenmin, vice-foreign minister, said the Cambodian prime minister's visit is "fruitful and of great significance" as the two side reached wide consensus on jointly building the Belt and Road, infrastructure, maritime cooperation, tourism and trade.
Giving a snub to China over One Belt One Road (OBOR) project, India and Japan are together planning to start several infrastructure projects across Africa, Iran, Sri Lanka and Southeast Asia.
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Citing examples, the MEA spokesperson said that under the "Act East" policy, India are pursuing the trilateral highway project; under the "neighbourhood first" policy, we are developing multimodal linkages with Myanmar and Bangladesh; under "Go West" strategy, we are engaging with Iran on Chabahar Port and with others in Central Asia on International North South Transport Corridor. India's anxiety about the possible debt trap may be well-founded, but it ignores the benefits these countries believe will accrue from the project.
The premier said Australia's free trade deal with China was in its infancy and companies and governments needed to work harder than ever to make the most of it.
"What we hope to create is a big family of harmonious co-existence", Xi said, adding pursuit of the initiative will not resort to outdated geopolitical maneuvering.
He further said, "Regarding the issue of Kashmir which the Indian side is concerned about, we have been stressing that the Belt and Road is a cooperation initiative for the common development and prosperity of the region". The US and Japan have expressed doubts about the belt and road scheme, but they sent representatives to the summit.
Mr Putin and other leaders at the summit praised Mr Xi's project. The huge amount China is spending in Pakistan has done little to enhance its credibility which would rise dramatically if India joins the program.
Xi said so far, the initiative had won support from 130 countries and 70 global organisations.
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