China offers $3 billion in aid and loans to neighbours
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By Staff Writers, teleSUR
teleSUR
Saturday, Dec 20, 2014
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Cambodia's Prime Minister Hun Sen (L-R), Thailand's Prime Minister Prayuth Chan-ocha, China's Premier Li Keqiang and Myanmar's President Thein Sein | Photo: Reuters |
On Saturday, China offered more than $USD 3 billion in loans and aid to regional neighbors Cambodia, Vietnam, Myanmar, Thailand and Laos.
The funds will be mostly directed to infrastructure and the fight against poverty Chinese state media reported. Currently leaders of these nations are attending the 5th Greater Mekong Subreign (GMS) Summit in Bangkok, Thailand.
The Xinhua news agency said that Chinese Premier Li Kequiang explained the offer will include $USD 1 billion for infrastructure, $USD 490 million for poverty alleviation and $USD 1.6 billion in special loans for China's production capacity export.
"These are important parts of our efforts to upgrade China- ASEAN cooperation ... we are ready to work with the five countries to build a new framework to deepen cooperation and bring the GMS comprehensive partnership to a new level," Li expressed.
Li also promised $US 16.4 million for the waterways along the Mekong River to prevent natural disasters. Li explained that China plans to export high level production capacity in electricity, telecommunications, steel and cement to neighbors along regional transportation routes.
"We'll create new levels of industrial cooperation. China has become the most important trade partner in the sub region and our investment will increase. . . We have every reason to draw on each others' strengths," Li added.
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