China neighbours laud $3.09 bn aid from Beijing
December 21, 2014, 5:16 am

Chinese Premier Li Keqiang (3rd R) poses for a group photo with other regional leaders during the fifth summit of the Greater Mekong Subregion (GMS) Economic Cooperation in Bangkok, Thailand, Dec. 20, 2014 [Xinhua]

“China plays a very important role in assisting GMS countries to boost economy and reduce poverty,” said Kao Kim Hourn, Cambodian Minister and aide to Cambodian Prime Minister Hun Sen.

“China’s financial support is vital to expediting the development of physical infrastructure in the GMS member countries. All countries in the GMS highly appreciate China’s active contributions to the development of their respective countries,” he added.

China has offered infrastructure funds and production aid to five neighboring countries which sharing the Mekong River.

The offer includes $1 billion for infrastructure inter-connectivity, $490 million in grant for poverty alleviation and $1.6 billion in special loans for China’s production capacity export.

China also promised to invest $16.4 million to dredge waterways along the Mekong River and prevent natural disasters, said Li.

The five beneficiary countries are Cambodia, Vietnam, Laos, Thailand and Myanmar which, along with China, form the GMS bloc.

The Cambodian Minister also noted that the $40 billion Silk Road Fund and the $100 billion Asian Infrastructure Investment Bank (AIIB) would be important sources of capital for the development of infrastructure in the region and the GMS countries.

The Chinese Premier said in Bangkok on Friday that GMS economic cooperation, with a total trade volume of $150 billion in 2013, will further enrich China’s partnership with the Association of Southeast Asian Nations (ASEAN).

China is pushing to export its production capacity in industries like electricity, telecommunication, steel and cement to neighboring countries, especially those on regional transportation routes.

TBP and Agencies