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Argentina to Join China's Belt and Road Initiative and Receive Over $23Bln in Funding

Sputnik News


BUENOS AIRES (Sputnik) - Argentina will join the Chinese Belt and Road trade initiative and receive funding worth $23.7 billion for various projects from Beijing, the Argentine presidency said on Sunday.

Argentine President Alberto Fernandez is currently in China where he arrived on Friday to attend the Beijing Winter Olympics opening ceremony.

"As part of this visit, President Fernandez agreed to incorporate Argentina into the Belt and Road Initiative... This strategic decision will allow the national government to sign different agreements that guarantee financing for investments and works for more than $23,700 million," the presidential press office said.

The sides signed the Memorandum of Understanding about cooperating within the initiative.

"In compliance with the mentioned above Memorandum, 13 different inter-institutional cooperation documents were signed in different fields and between different counterparts, relating to green development, digital economy, space, technology and innovation, education and university cooperation, agriculture, natural sciences, public media and nuclear energy," the press office said.

On Tuesday, the two countries signed a deal for the construction of the Atucha III nuclear power plant in Argentina with Chinese financing.

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.

© Sputnik

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