China pledges $20 billion in loans to Middle East

BEIJING (Reuters),JULY 10 2018   - Chinese President Xi Jinping on Tuesday pledged a package of $20 billion in loans and $1.6 billion in financial aid to countries in the Middle East, as part of what he called an “oil and gas plus” model to revive economic growth in the region.   

Beijing has ramped up engagement in the Middle East in recent years as Arab nations play an important role in Xi’s signature Belt and Road foreign policy plan for strong trade routes linking China with central and southeast Asia.   

Development was key to resolving many security problems in the Middle East, Xi told a gathering with representatives of 21 Arab nations in the  Chinese capital. 

  “We should treat each other frankly, not fear differences, not avoid problems, and have ample discussion on each aspect of foreign policy and development strategy,” he said.   

China would offer aid worth 1 billion yuan ($150 million) to Palestine to support economic development, besides providing a further 600 million to Jordan, Syria, Lebanon and Yemen, 
he added.