Cairo – Mubasher: Commercial International Bank – Egypt (CIB) has been selected by Bank of China to represent the African continent as the leading bank in the African market to join the "One Belt One Road" initiative.

The initiative is China’s ambitious land-based and maritime trade routes across Asia, Europe and Africa to create closer economic and trade links among 65 countries, with an anticipated trade volume exceeding $2.5 trillion over the next decade, according to a press statement.

The "One Belt, One Road" is a collective term for the initiatives of "Silk Road Economic Belt" and "21st Century Maritime Silk Road", which were proposed by the Chinese President Xi Jinping during his visit to Central Asia (Kazakhstan) and South East Asia (Indonesia) in 2013.

The Silk Road Economic Belt is to extend through several corridors over Asia and Europe, while the Maritime Silk Road is to include infrastructure projects that lie in South Asia, East Africa, and the Northern Mediterranean Sea.

The One Belt One Road initiative is expected to feature prominently in China’s 13th Five-Year Plan, which will run from 2016 to 2020.