While Chinese President Xi Jinping was visiting countries in Middle Asia and Southeast Asia in September and October 2013, he put forth the idea of working together for the grand initiative known as the Silk Road Economic Belt and the 21st Century Maritime Silk Road. This Initiative has attracted great attention from the international community. President Xi Jinping announced that China would contribute USD40 billion to establish Silk Road Fund at the APEC Dialogue on Strengthening Connectivity Partnership on November 8, 2014. On December 29 the same year, the Fund was officially established in Beijing. Setting up the Fund is a major component of the efforts for implementing the Belt and Road Initiative (BRI).
The Fund has a philosophy of openness, inclusiveness and mutual benefit. It provides funding and financing support to strengthening economic and trade cooperation, and bilateral and multilateral connectivity between China and relevant countries and regions. It works closely with domestic and foreign enterprises and financial institutions to promote development and prosperity of both China and countries and regions involved in the Initiative.
On May 14, 2017, President Xi Jinping announced at the opening ceremony of the Belt and Road Forum for International Cooperation that China will scale up financial support for the Belt and Road development and commit an additional 100 billion RMB to the Silk Road Fund. After this injection, the capital strength of the Silk Road Fund will be further enhanced. It will be able to provide stronger, multi-currency and sustainable investment and financial support to the Belt and Road Initiative.
(Source: Official website of Silk Road Fund)
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