World News | Argentina Joins China's Belt and Road Initiative
Get latest articles and stories on World at LatestLY. Argentina has joined China's Belt and Road Initiative (BRI) and is set to receive funding worth USD 23.7 billion for various projects from Beijing.
Buenos Aires [Argentina], February 6 (ANI): Argentina has joined China's Belt and Road Initiative (BRI) and is set to receive funding worth USD 23.7 billion for various projects from Beijing.
This was signed during Argentine President Alberto Fernandez's visit to China to attend the Beijing Winter Olympics.
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"...This strategic decision will allow the national government to sign different agreements that guarantee financing for investments and works for more than USD 23,700 million," the Argentine presidential press office said, as quoted by Sputnik news agency.
The sides signed the Memorandum of Understanding about cooperating within the initiative. The press office said 13 different inter-institutional cooperation documents were signed in different fields including digital economy and innovation.
On Tuesday, the two countries signed a deal for the construction of a nuclear power plant in Argentina with Chinese financing. These agreements were signed between the two countries to mark the 50th anniversary of the establishment of diplomatic ties this year.
Belt and Road is China's international project seeking to promote cooperation between Beijing and over 60 of its trading partners in Asia, Africa and Europe. However, several analysts have pointed out the lack of transparency and dubious nature of funding in these projects.
Some experts have even said that China is funding projects that are economically viable and burdening developing countries with large scale debt. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)