Argentina reaches agreement with China and joins the New Silk Road

RIO DE JANEIRO, BRAZIL – Argentina and China have reached an agreement for the South American country’s entry to the New Silk Road initiative, after a meeting between presidents Alberto Fernández and Xi Jinping this Sunday, the Argentine government said in a statement.

According to the note, the meeting paved the way for the Argentines to close agreements that would guarantee financing for more than US$23.7 billion in investments and works.

The meeting between the leaders took place in Beijing on the occasion of the opening of this year’s Winter Olympics. One part of the planned financing has already been agreed and amounts to US$14 billion, with a focus on ten infrastructure projects.

The second, which corresponds to about US$9.7 billion of the total amount, will be used to start Argentina’s involvement in the New Silk Road.

The official statement also points out that Fernández and Xi Jinping discussed “opportunities to promote China’s foreign direct investment in Argentina” to expand the South American nation’s export supply to the Asian giant.