Billion Dollar Fund For China’s Maritime Silk Road

Billion Dollar Fund For China's Maritime Silk Road
  • In an attempt to re-establish the ancient “maritime silk road” that enhanced its connectivity, China, supported by the China Development Bank (CDB) and the China-Africa Development Fund, has set up a $1.6 billion fund to construct ports that will enhance its maritime connectivity.
  • Focus is on constructing ports in important countries in Southeast Asia and the Indian Ocean, including Bangladesh and Sri Lanka and also establishing free trade zones set up links between these and its own ports.
  • China is already building ports in Gwadar, Hambantota and Chittagong in Pakistan, Sri Lanka and Bangladesh respectively. It has listed Kolkota and Colombo as cities it is keen on establishing trade links.
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Exams Perspective:

  1. Maritime Silk Road
  2. String of Pearls