Cambodia & Five Other Countries have agreed to donate $180.2 million to a multilateral fund to support infrastructure construction projects under China’s Belt & Road Initiative (BRI), the Chinese Ministry of Finance said on Wednesday.
The fund was set up by the Multilateral Cooperation Centre for Development Finance.
The Centre is a multilateral coordination mechanism jointly launched last year by the Ministry, the Manila based Chinese-led Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB) and Six Other Multilateral Development Institutions, including the World Bank Group and Inter-American Development Bank.
Approved by the AIIB Board of Directors, the AIIB is the fund trustee and the executive agency of the centre’s projects. The bank also will establish a Secretariat to support the centre’s operation, the Ministry said in a statement on its website.
The Statement listed the donating Countries as Cambodia, China, Egypt, Saudi Arabia, Hungary & the Philippines. The Ministry said it unveiled plans for the centre at the First Belt & Road Forum for International Cooperation in 2017.