Maldives to benefit from $11b Belt and Road Initiative boost: China

China's additional 80 billion yuan (USD 11 billion) investment in the Silk Road Fund will benefit Maldives, Chinese Ambassador to Maldives Wang Lixin said.

The Silk Road Fund is a fund management company that provides funds for investments under the 'Belt and Road Initiative' (BRI) project launched in 2013 to promote China's participation in other countries' infrastructure development.

At a summit in Beijing on Wednesday to mark the 10th anniversary of the BRI, President Xi Jinping announced that he would increase funding for the BRI project by more than USD 100 billion:

Ambassador Wang Lixin reposted China Xinhua news on the additional investment in the Silk Road Fund.

However, she did not give any further details. Some people who commented on the ambassador's post asked how Maldives would benefit.

China's BRI is a key project in Maldives's development, President-elect Dr Mohammed Muizzu said in a recent interview with Xinhus newspaper.

Maldives joined the BRI during the government of former President Abdullah Yameen.

The bridge connecting Male, Hulhule and Hulhumale is the largest structural development project under the ministry during Muizzu's tenure as Housing Minister. China provided 50% of the USD 200 million to build the bridge.

Noting the importance of the projects implemented with Chinese assistance, Muizzu said he hoped to maintain close relations with China in the future.

More than 150 countries have participated in China's Belt and Road Initiative project. China has borrowed money to implement major infrastructure development projects in the countries, which critics say is a debt trap for poor countries.

The countries participating in the BRI already owe more than USD 300 billion to China's Exim Bank, the Chinese government said this month. Some countries have restructured their large loans and taken out bailout loans.