EBRD signs MoU with Silk Road Fund in boost to One Belt One Road initiative

EBRD VP Phil Bennet and Silk Road Fund Wang Yanzhi 150616The European Bank for Reconstruction and Development (EBRD) yesterday signed an MoU with Beijing’s Silk Road Fund in a move that is expected to give added impetus to China’s One Belt One Road initiative, the EBRD press office said.
Under the terms of the MoU, the Silk Road Fund and the EBRD agree to boost cooperation at an institutional level and to inform each other of any potential co-investment opportunities in their common regions of operations.
 “Today’s Memorandum is a new step in an already close working relationship with the Silk Road Fund which we regard as a key partner in China and potentially in the EBRD countries of operations,” EBRD First Vice President Phil Bennet said at the signing in Beijing yesterday. “Our regions have a funding gap of about US $400bn a year for necessary infrastructure investments. A joint effort by all stakeholders is needed to bridge that gap and we see working with partners like the Silk Road Fund as the most efficient way forward.”
Silk Road map in yellow“We are glad that our working relationship with the EBRD is signified with the signing of the Memorandum today,” Silk Road Fund President Wang Yanzhi added. “Stretching from central Asia to central and eastern Europe to northern Africa, the EBRD’s areas of operation cover many strategic nodes along the Belt and Road Initiative, and are important investment destinations for Chinese corporates. We look forward to seeing the two institutions co-finance important projects soon and together promote regional and global connectivity for common development.”