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China to provide $3 bln fresh funding to back projects in CEE - PM

China to provide $3 bln fresh funding to back projects in CEE - PM Li Keqiang; Source: Secretariat for Cooperation between China and Central and Eastern European Countries

BELGRADE (Serbia), November 27 (SeeNews) - China's prime minister Li Keqiang said on Monday the government plans to provide an additional funding of $3 billion to support development projects in Central and Eastern Europe (CEE). 

"I would mention two new initiatives. One is China-CEE banks; as elaborated today China Development Bank will provide $2 billion euro (1.7 billion euro) to support projects," Keqiang said during the opening of the sixth meeting of heads of government of China and Central and Eastern European Countries (CEEC) in Budapest, Hungary. His comments were streamed live on Youtube.

An additional $1 billion euro will be extended through an unnamed  fund to finance development projects under the China-CEEC cooperation initiative, known as the 16+1 mechanism, Keqiang said, speaking through an interpreter.

The financing will make globalisation more comprehensive and will allow all countries to develop in an equitable way, Keqiang said. 

The 16+1 mechanism, proposed by China in 2012, aims to enhance cooperation between Beijing and countries in Central and Eastern Europe. Under the mechanism, China provides financing for projects in the field of trade, connectivity, finance, agriculture, science, healthcare, education and culture. 

The countries from Southeastern Europe participating in the initiative are Bulgaria, Slovenia, Bosnia and Herzegovina, Montenegro, Romania, Macedonia, Serbia, Croatia and Albania.

($ = 0.838208 euro)

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