Argentina joins China's Belt and Road initiative, eyes US$23 billion investment [View all]

Argentina’s government has confirmed that the country has signed up to China’s sweeping Belt and Road initiative, paving the way for investments worth more than US$23 billion.

The deal is expected to be finalized in the next few hours during a closely watched bilateral meeting between President Alberto Fernández and Chinese Premier Xi Jinping, as part of the Argentine leader's three-day visit to Beijing.

A memorandum of understanding committing both nations to the deal has already been signed.

The news will see the two nations “sign different agreements that guarantee financing for investments and works for more than US$23.7 billion, generating a new milestone in the bilateral relationship that in the last 15 years has expanded and strengthened notably."

Xi launched BRI in 2013, aiming to harness China's strengths in financing and infrastructure construction to "build a broad community of shared interests" throughout Asia, Africa and Latin America.

At: https://www.batimes.com.ar/news/argentina/argentina-joins-chinas-belt-and-road-initiative-eyes-us23-billion-investment.phtml

Argentine President Alberto Fernández and Chinese President Xi Jinping pose at Beijing's Great Hall of the People during a bilateral meeting today in which Fernández joined China's Belt and Road initiative.

The agreement makes up to $23.7 billion in Chinese infrastructure investment available over the next several years for the cash-strapped South American nation.

Argentina has been largely cut off from international financing since a 100 billion-dollar foreign debt bubble under Fernández's predecessor Mauricio Macri burst in April 2018.