World Bank gives credit to Belt And Road construction

15 May 2019
158 Views

The organization believes that the Belt and Road Initiative (BRI) is an ambitious effort to improve regional cooperation and connectivity on a trans-continental scale.

The BRI is expected to improve transportation infrastructure and economic environment, thereby substantially lowering trade costs, promoting cross-border trade and investment, and boosting growth for Belt and Road countries, regions and even the whole world at large, the World Bank said.

Michele Ruta, lead economist in the Macroeconomics, Trade and Investment Global Practice of the World Bank Group, believes that the BRI regional cooperation will enhance transportation infrastructure such as railways, promote rapid growth of cross-border trade and investment, and drive the economy.

According to the first-ever quantification of the influence of the Belt and Road construction on trade costs conducted by Ruta and his research team, for Belt and Road economies, the BRI transportation projects, either completed or under construction, can cut shipment time for Belt and Road economies by an average of 1.7-3.2%. For the world, the average reduction in shipment time will range between 1.2-2.5%.

China carries out co-operation with other countries on building highways, railways and ports following the principles of extensive consultation, joint contribution and shared benefits.

You may be interested

The 11 professions most in demand in Greece, according to SEV
FINANCE
shares11 views
FINANCE
shares11 views

The 11 professions most in demand in Greece, according to SEV

Panos - Sep 19, 2019

The Hellenic Federation of Enterprises (SEV) released a report presenting the 11 professions it considers to have the highest prospects…

Weather forecast: Mostly fair
GREECE
shares11 views
GREECE
shares11 views

Weather forecast: Mostly fair

Panos - Sep 19, 2019

Mostly fair weather and winds from variable directions are forecast for Thursday. Wind velocity will reach 6 on the Beaufort…

Lotto results: 18/09/2019
GREECE
shares29 views
GREECE
shares29 views

Lotto results: 18/09/2019

Panos - Sep 18, 2019

The winning numbers from the Lotto draw are as follows:

Leave a Comment

Your email address will not be published.