China pledges over $3 billion for CEE investment projects

Chinese Premier Li Keqiang gestures at Malacanang Palace in metro Manila, Philippines November 15, 2017. REUTERS/Dondi Tawatao

BUDAPEST (Reuters) - China will provide funding worth over $3 billion for development and investment projects in Central and Eastern Europe, Chinese Premier Li Keqiang said on Monday.

“Under the auspices of China-CEEC interbank association to be inaugurated today, China Development Bank will provide 2 billion euro ($2.39 billion) equivalent of development financial facility,” he said at the sixth Summit of Heads of Government of Central and Eastern European countries and China.

“The second stage of China-CEEC investment cooperation fund has been launched with a capitalization of $1 billion, most of which will be channeled to CEE countries,” he added through an interpreter.

($1 = 0.8375 euros)

Reporting by Gergely Szakacs and Marton Dunai; Editing by Toby Chopra