Added On April 25, 2019

Global institutions based in the City of London have been participating in the China-proposed Belt and Road Initiative.
Catherine McGuinness, Chair of the Policy and Resources Committee of the City of London Corporation, said the BRI is an opportunity for businesses and countries to work in partnership with China.
SOUNDBITE: CATHERINE MCGUINNESS, Chair of Policy&Resources Committee, City of London Corporation
"So, we are self-sort of engaged directly in projects, but we have seen a number of the institutions based here in the city, global institutions which have participated in Belt and Road project.”
McGuinness said London has a wide range of services to offer, from advisory services in establishing projects, to financing and risk management.
She noted that London is the foreign exchange capital of the world and the BRI projects may have foreign exchange needs.
SOUNDBITE: CATHERINE MCGUINNESS, Chair of Policy&Resources Committee, City of London Corporation
"There are also challenging questions in countries along the Belt and Road when you have non deliverable you get into a technical area. But some of the currencies, you can have challenges with FX. I think the issue is that London is a great center for FX trading and we will be able to help with some of those FX challenges as the RMB becomes a more internationally used currency, as we see greater internationalization. Well clearly a lot of projects on the Belt and Road are already being financed by the RMB and we’ll see that grow."
She added that, as more partners are involved in the BRI projects, the sustainability of these projects needs to be considered, describing the green investment principles announced last year as "the start of the journey".
SOUNDBITE: CATHERINE MCGUINNESS,  Chair of Policy&Resources Committee, City of London Corporation
"I think the international firms, private finance is going to come in to support Belt and Road project. We do need to look at the question of sustainability and one element of sustainability is repair ability of loans. I think we do need to look at the whole question of transparence and sustainability. But it’s very good to see how the Belt and Road projects are being opened out to private financing. One very positive example for instance is the development of the green Belt and Road invest principles which we’ve been partly involved with. The principles which have been published will be a good basis for discussion. It’s a start of a journey and there’s more work to be done."
McGuinness said that since its launch, the initiative has evolved from a concept to real projects, which helps tackle some of the infrastructure challenges in some countries and create jobs.