China pledges US$23 billion in loans and aid to Arab states as it boosts ties in Middle East
Free-trade deals are also on the cards, as President Xi Jinping tells forum Beijing wants to ‘become the keeper of peace and stability’ in the region
Chinese President Xi Jinping on Tuesday promised more than US$23 billion in loans and aid to Arab states, as Beijing steadily steps up engagement in the Middle East.
Beijing will also further explore the possibility of free-trade deals with each of the 22 states in the Arab League, as Xi reiterated commitments to globalisation at a time when China is locked in a trade battle with the US.
China and the Arab League – a regional bloc of states in and around North Africa, the Horn of Africa and Arabia – agreed to upgrade their bilateral ties to form a “strategic partnership of comprehensive cooperation, joint development and [that is] future oriented”, Xi told ministers and leaders at a meeting of the China-Arab States Cooperation Forum in Beijing.
“China would like to join the Arab countries … to become the keeper of peace and stability in the Middle East, the defender of equity and justice, promoter of joint development, and good friends that learn from each other,” Xi said.
Beijing’s latest pledge to the region includes US$20 billion in loans that will be used to promote projects and create jobs and profits in countries with reconstruction needs. Another 600 million yuan (US$90.6 million) in humanitarian and reconstruction aid will be extended to war-torn countries including Syria, Yemen, Jordan and Lebanon.