France and China are teaming up to create seven infrastructure projects worth more than $1.7 billion around the world.
The agreement was reached following an online discussion between Presidents Emmanuel Macron and Xi Jinping on February 16 as part of their Third-Party Market Cooperation accord.
The seven projects, which China’s National Development and Reform Commission (NDRC) did not identify, will be built in Africa, Southeast Asia, and Central and Eastern Europe, and would involve infrastructure, environmental protection, and energy, according to the statement.
The countries would fund these schemes jointly, according to the NDRC, and they would play an active role in boosting the economic and social development of third countries.
France is the first country to establish this type of intergovernmental cooperation mechanism with China, according to the NDRC. The pact is the fourth instalment of the China-France Third-Party Market Cooperation Agreement, which was first proposed in 2015.
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