Belt and Road Initiative -1H2019
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Read more about the latest developments of the “Belt & Road” Initiative (BRI) and its potential impact on the re/insurance industry.
Overview of Belt and Road Initiative (BRI) progress
- From January to May 2019, the value of newly signed Chinese outward project contracts (OPC) with BRI countries stood at USD 46.9 billion, accounting for 60% of China's total OPC.
- In 1H2019, energy and power projects accounted for more than half of announced BRI investments. By regions, South Asia and South East Asia attracted most investments.
- Next phase of BRI will focus on mobilizing private sector capital.
- Asia Infrastructure Investment Bank (AIIB) placed its first global bond issue in London.
- BRI investment recipients are trying to renegotiate loan terms with Chinese banks.
- Pakistan will cut spending on BRI projects under International Monetary Fund (IMF) bailout program.
- China plans to build 30 nuclear reactors worldwide by 2030 as part of BRI.
- A consortium of Hungarian and Chinese firms have secured USD 2.1 billion contract to build and upgrade Budapest-Belgrade rail line.
- ASEAN members plus China, Japan, and South Korea will draw private investors and banks to invest in Asian infrastructure projects by insuring financing.
- Thailand signed a three way Memorandum of Cooperation with Laos and China to accelerate construction of Thailand to Laos high speed rail.
- Cape Town International Convention Centre witnessed 87 agreements signed for investment, economic and industrial cooperation.
- BRI transit revenue reached USD 1.5 billion in Kazakhstan.
- China is working on improving ties with BRI countries.
- Tajikistan to align national development strategy to BRI.
- Italy becomes the first G7 economy to sign a Memorandum of Intent with China as part of BRI.