China offers $7.2-billion fund to support projects in Asean, other nations

China’s Belt and Road Initiative will release 10 billion renminbi or $1.5 billion next month to finance development projects in the Association of Southeast Asian Nations, including the Philippines.The amount is a part of the initial 50 billion renminbi or about $7.2 billion in funding that China is making available to countries covered by the so-called Silk Road Economic Belt and Maritime Silk Road.

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