Managua, 16 January 2022 (TDI): After Syria, Nicaragua has become the latest country to join the Belt and Road Initiative (BRI). Belt and Road Initiative is a Chinese multilateral venture that aims at the economic growth of the participant countries.
Welcome #Nicaragua and #Syria for joining the #BRI Belt and Road Initiative this week!
So far, China has signed more than 200 agreements on BRI cooperation with 146 countries and 32 international organizations. pic.twitter.com/3GwB9wdx8x— Lijian Zhao 赵立坚 (@zlj517) January 14, 2022
This latest development came in the wake of China and the Central American country moving closer to boost economic cooperation and bilateral relations. National Development and Reform Commission of China shared the news on WeChat, of the two countries signing a Memorandum of Understanding (MoU).
Consequently, China and Nicaragua will jointly push the 21st Century Maritime Silk Road and the Silk Road Economic Belt. Thus far, China has signed more than 200 agreements with 32 international organizations and 146 countries on the joint collaboration for the BRI.
Earlier Managua and Beijing also signed an agreement for the mutual exemption of visas for holders of service passports, diplomatic passports, and official or public affairs passports.
A Chinese official also attended the inauguration ceremony for the fourth term of the Nicaraguan President, Daniel Ortega, to represent President Xi Jinping, this month. Nicaragua joined the BRI after China and Nicaragua resumed diplomatic relations almost a month ago.
Belt and Road Initiative
BRI is an intercontinental long-term investment and policy venture. Its objective is to develop infrastructure and accelerate the economic integration of countries along the route of the historic Silk Road. China`s President Xi Jinping unveiled BRI in 2013 however until 2016, it was known as OBOR i.e. One Belt One Road.
The official outline for the Belt and Road Initiative was issued by the Ministry of Foreign Affairs (MOFA), the Ministry of Commerce (MOFCOM) of the People`s Republic of China (PRC), and the National Development and Reform Commission (NDRC), on March 28, 2015, with authorization of the Chinese State Council.
