China, ADB can tap 'belt and road' potential

The Asian Development Bank (ADB) and China can make use of the huge potential in infrastructure and energy along the belt and road, said ADB Vice President Zhang Wencai.

"Belt and road" refers to the Silk Road economic belt and the 21st century maritime Silk Road proposed by China in 2013 for improved cooperation between countries in Asia, Europe and Africa.

The belt and road will result in increased investment that will improve connectivity across Central Asia, Zhang said in an interview with Xinhua.

The ADB can work with China to translate the concept into concrete action through the Central Asia Regional Economic Cooperation (CAREC) program, Zhang said.

The CAREC program is an ADB initiative launched in 2001 to promote regional cooperation in transport, energy and trade between its 10 members, including Afghanistan, Azerbaijan, China, Tajikistan, and Uzbekistan.

"China can contribute to the economic corridor development in the CAREC region by sharing its experience in logistics, infrastructure, economic zones, spatial economic agglomeration, urbanization and public-private partnerships," he said.

"Large investment needs for infrastructure in the region create large funding gaps," he said.

All CAREC countries have substantial needs in energy development, Zhang added.

An ADB study in central Asia found that investment of about 36 billion U.S. dollars is needed before 2022 for power infrastructure in four countries.

"Given the large funding gap, China could look into co-financing with the ADB and other multilateral institutions in CAREC countries, and share its technical and management skills in large infrastructure projects," he said.