China's Xi pledges billions in loans, aid to Arab nations

Kuwait's ruling emir, Sheikh Sabah Al Ahmad Al Sabah, center, leaves the stage after speaking during the opening session of the 8th Ministerial Meeting of the China-Arab States Cooperation Forum in Beijing, Tuesday, July 10, 2018. China's President Xi Jinping has pledged more than $23 billion in lines of credit, loans and humanitarian assistance to Arab countries in a major push for influence in the region. (AP Photo/Mark Schiefelbein)

Chinese President Xi Jinping has pledged more than $23 billion in lines of credit, loans and humanitarian assistance to Arab countries in a major push for influence among the region's war-torn and impoverished nations

BEIJING — China's President Xi Jinping pledged more than $23 billion in lines of credit, loans and humanitarian assistance to Arab countries Tuesday in a major push for influence in the region from which China sources much of its energy needs.

Xi told participants in a conference of Arab leaders in Beijing that Syria, Yemen, Jordan and Lebanon would receive $91 million in humanitarian assistance.

Another $151 million was earmarked for aid projects, with the remaining $23 billion designated for financial and economic cooperation, Xi said. No details were given about how or when the money would be dispersed.

"China and Arab states must synergize our development strategies in pursuit of our respective dream of rejuvenation," Xi said.

China has expanded its influence among Arab states both for economic purposes and to counter the influence of Washington and Europe.

Saudi Arabia was China's second-largest source of crude oil last year and Iraq was its third biggest supplier at the start of 2018. The Middle East is also a key node in China's "Belt and Road" initiative that envisages linking Beijing to other parts of Asia, Europe and Africa via a network of ports, railways, economic development zones and power plants.

China "supports the construction of a future logistics network connecting Central Asia with east Africa and the Indian Ocean with the Mediterranean," Xi told the conference.

Politically, China has sought a role as an intermediary between Israel and the Palestinians and provided diplomatic cover for Syrian President Bashar Assad in the country's seven-year civil war.

Related News

China promises cooperation on steel at global...

Sep 5, 2016

China promises cooperation on steel at global summit amid pressure for trade curbs

Merkel appeals to Russia to enable Syria...

Sep 5, 2016

German Chancellor Angela Merkel is renewing an appeal to Russia to enable a cease-fire in Syria and...

May says Britain still inspires confidence...

Sep 5, 2016

After meeting with other world leaders during the G-20 summit, British Prime Minister Theresa May...

Asian stocks drift as Fed rate outlook eases on...

Sep 7, 2016

Asian stocks meandered Wednesday after a weak report on U.S. service companies reinforced...

Asian stocks mixed on stronger China trade,...

Sep 8, 2016

Asian stock markets were mixed Thursday after China reported unexpectedly strong trade and Wall...

China imports grow in August for 1st time in 2...

Sep 8, 2016

China trade showed unexpected strength in August in a positive sign for global economic growth

About Us

Daily World Web took the initiative to utilize the development in cloud and AI technology to create a free, instantaneous and borderless flow of news, the way it should be.

Contact us: sales[at]dailyworldweb.com

Subscribe Now!