BRI: Saudi Arabia, Egypt support new multilateral fund for Belt and Road infrastructure projects

Six countries are backing the new Multilateral Development Finance Cooperation Centre (MCDF) fund

  
Image of Saudi port used for illustrative purpose.

Image of Saudi port used for illustrative purpose.

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Saudi Arabia and Egypt are among the six countries participating in a multilateral fund for supporting infrastructure projects under the Belt and Road Initiative (BRI)

The two Arab countries have joined China, Hungary, Cambodia, and the Philippines to donate a total of $180.2 million to the new Multilateral Development Finance Cooperation Centre (MCDF) fund, according to a Chinese language statement by the China's Ministry of Finance.

The Asian Investment and Infrastructure Bank (AIIB) would be the fund custodian and the executive agency for the projects under the MCDF, the ministry said in its statement last week.

The MCDF is a joint initiative by the Ministry of Finance, AIIB, Inter-American Development Bank, Asian Development Bank (ADB), , European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), the World Bank, CAF and the International Fund for Agricultural Development (IFAD) to foster connectivity and infrastructure investments in developing countries within the BRI framework, according to past media reports.

(Writing by Syed Ameen Kader; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

#China #BRI # MCDF #AIIB #Egypt #SaudiArabia

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