Argentina joins China's Belt and Road Initiative

On Tuesday (February 1), the two countries signed a deal for the construction of a nuclear power plant in Argentina with Chinese financing.

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Buenos Aires: Argentina has joined China`s Belt and Road Initiative (BRI) and is set to receive funding worth USD 23.7 billion for various projects from Beijing. This was signed during Argentine President Alberto Fernandez`s visit to China to attend the Beijing Winter Olympics.

"...This strategic decision will allow the national government to sign different agreements that guarantee financing for investments and works for more than USD 23,700 million," the Argentine presidential press office said, as quoted by Sputnik news agency.

The sides signed the Memorandum of Understanding about cooperating within the initiative. The press office said 13 different inter-institutional cooperation documents were signed in different fields including digital economy and innovation.

On Tuesday, the two countries signed a deal for the construction of a nuclear power plant in Argentina with Chinese financing. These agreements were signed between the two countries to mark the 50th anniversary of the establishment of diplomatic ties this year.

Belt and Road is China`s international project seeking to promote cooperation between Beijing and over 60 of its trading partners in Asia, Africa and Europe. However, several analysts have pointed out the lack of transparency and dubious nature of funding in these projects.

Some experts have even said that China is funding projects that are economically viable and burdening developing countries with large scale debt.