China will provide Middle Eastern nations with $20 billion in loans and $106 million in financial aid, President Xi Jinping told regional leaders on Tuesday, as a means of boosting economic growth through a so-called “oil and gas plus” model.
The package will include a $15 million aid package for Palestine with a further $91 million for Jordan, Syria, Lebanon and Yemen, according to Reuters.
China will also oversee the establishment of a $3 billion fund managed by Arab and Chinese banks for the purpose of “economic reconstruction” and “industrial revival” with energy cooperation playing an important role.
The ongoing security issues between constituent Middle Eastern states can be aided by stimulating development, Xi added in his address.
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