China concludes negotiations with ADB on Xinjiang projects

BEIJING-- China's Ministry of Finance said on Wednesday it has concluded negotiations with the Asian Development Bank (ADB) on projects in western border counties in Xinjiang Uygur autonomous region.

The ADB will offer a loan of $150 million, more than one half of the total 1.73 billion yuan ($282.53 million) needed for the projects, a statement on the ministry's website showed.

The rest of the investment will be covered by local governments, according to the statement.

Located in Tacheng city and the counties of Emin, Tuoli and Yumin, the projects include bridges, roads, heat supply, water supply and drainage pipeline networks.

The projects aim to upgrade infrastructure in the far west of China while promoting economic development and social stability there, said the statement.

China's central and western regions, including Xinjiang, have remained largely underdeveloped when compared with eastern coastal areas.

But Xinjiang is facing an unprecedented opportunity as China presses ahead with its Belt and Road Initiative, given its location along the ancient Silk Road linking China, Central Asia and Europe.

The Belt and Road Initiative refers to the Silk Road Economic Belt and the 21st-Century Maritime Silk Road, international trade and infrastructure projects proposed by Chinese President Xi Jinping in 2013.

The former is an overland network focused on linking China to Central, South, and Southeast Asia as well as to Russia and Europe. The latter is a maritime network designed to link China's coast to Europe and the South Pacific through the South China Sea and the Indian Ocean.

A $40 billion Silk Road Fund, designed to finance the Belt and Road Initiative, has also been launched.