A Change of Guard

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Monday 10 November 2014

Cambodian scholars hail China's contribution to Silk Road Fund

Cambodian scholars have voiced their support to Chinese President Xi Jinping for his announcement of China's contribution of 40 billion US dollars for the establishment of a Silk Road Fund, saying that such a fund is vital for developing countries.

During a dialogue on strengthening connectivity partnership in Beijing on Saturday with leaders of Bangladesh, Cambodia, Laos, Mongolia, Myanmar, Pakistan and Tajikistan, Xi said the new Silk Road Fund will be used to provide investment and financing support to carry out infrastructural and resource development, industrial cooperation, financial cooperation and other projects related to connectivity with countries under the Silk Road Economic Belt and the 21st Century Maritime Silk Road initiatives. "This is good news for both ASEAN and Asia,"Phay Siphan, a spokesperson for the Cambodian Council of Ministers, told Xinhua." The new fund will improve connectivity and contribute to developing economies for developing countries in Asia."

The spokesperson said the Silk Road Fund will bring countries in Asia closer to each other through infrastructure development. "President Xi's Silk Road Fund will greatly benefit both developing and poorer countries because it will provide capital for those nations to develop their infrastructure, which is a key element for economic development and poverty reduction,"he said.

Phay Siphan said that in his opinion, China wants to build a region of peace and stability with shared prosperity and development.

The official added that the forthcoming fund will play a complementary role to the existing financial institutions such as the World Bank, the International Monetary Fund and the Asian Development Bank. "The new fund will be an alternative choice for developing countries to seek capital for developing their infrastructure and boosting their economies,"he said.

Chheang Vannarith, senior researcher of the Cambodian Institute for Cooperation and Peace, said the Silk Road fund plays a critical and complementary role in developing regional infrastructure connections.

"More opportunities will be generated from such a project,"he told Xinhua."Economic integration and human ties will be deepened as regional peace and stability will be preserved since the countries rely on each other more and they share a common destiny. "
Posted in: Asia-Pacific

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