Asian Development Bank Ready To Finance Belt And Road Initiative Projects - Representative

Asian Development Bank Ready to Finance Belt and Road Initiative Projects - Representative

The Asian Development Bank (ADB) is willing to fund projects considered by the Belt and Road initiative (BRI), Representative of ADB's North American Office Bart Edes told Sputnik

WASHINGTON (Pakistan Point News / Sputnik - 16th May, 2019) The Asian Development Bank (ADB) is willing to fund projects considered by the Belt and Road initiative (BRI), Representative of ADB's North American Office Bart Edes told Sputnik.

"Virtually the entire Asian region has a massive need for infrastructure investment. The ADB has estimated the figure stands at $1.7 trillion each year," Edes said. "Only about half of that amount is achieved each year so there's a huge gap... This idea of the Chinese government to provide financial resources to build infrastructure connectivity in the region has the potential to help address this gap."

Edes explained that ADB is willing to finance projects that are also considered to be Belt and Road Initiative projects if key conditions are met.

"Basically, our standards on social transparency, open procurement and also importantly that the lending does not put the countries in a difficult position with their debt," he said.

Meeting the conditions opens up the opportunity to bring up the benefits of the BRI.

"We don't have any formal relationship with the BRI, but we do have a memorandum of understanding with China that we will cooperate," he said.

Edes also said that any project ADB would support has to be sought by the government in the country where the bank is investing.

"We are open to cooperation [with the BRI] and it can fill a big need for infrastructure investment as long as it's sustainable, inclusive and transparent. It can do positive things," Edes said.

China's BRI seeks to improve and develop trade and transport infrastructure across Asia, Europe, Russia and the Middle East.

Edes spoke with Sputnik on the margins of the Doing Business with the BRICS Conference organized by the Eurasia Center and the Eurasian Business Coalition.

The seventh annual conference brought together various experts and officials from Brazil, Russia, India, China and South Africa seeking to expand trade, direct investments and business opportunities, as well as open communication.