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China to invest in development projects in Lebanon

September 19, 2018


Abstract : China is ready to invest in the energy, land and maritime transport, as well as railway projects in Lebanon, said Chen Xiaojia, chairman of China's state-owned CITIC Construction Corporation.

BEIRUT, Sept. 19 (Xinhua) -- China is ready to invest in the energy, land and maritime transport, as well as railway projects in Lebanon, said Chen Xiaojia, chairman of China's state-owned CITIC Construction Corporation, when meeting with Lebanese President Michel Aoun in capital Beirut.

"We are also looking forward to cooperating with Lebanese government in implementing infrastructure and water projects based on the priorities set by the Lebanese president," said Chen, discussing ways of strengthening the Chinese-Lebanese relations with Aoun on Friday.

China's interest in investing in Lebanon's projects goes in line with the Belt and Road Initiative proposed by China in 2013, according to Chen.

The initiative aims to build trade and infrastructure networks connecting Asia with Europe and Africa on and beyond the ancient Silk Road routes. It comprises the Silk Road Economic Belt and the 21st-Century Maritime Silk Road.

Meanwhile, Aoun renewed his support for the Belt and Road Initiative while praising the Lebanese-Chinese relations for its remarkable growth at different levels.

He also thanked China for supporting Lebanon in regional and international forums in addition to its great help for the country at the United Nations.

The president added that China's interest in investing in Lebanon's productive sectors and projects reflects its great willingness to lift the relation between the two countries to a new level.

After Lebanon formed its cabinet, the country is expected to go ahead with a nationwide development project at the value of 11 billion U.S. dollars pledged by international donors in soft loans.

The program includes around 250 projects in the electricity, water, and waste management sectors, in addition to industrial, tourism and agricultural projects.

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