Italy has joined over 60 countries, joining Beijing’s industrial and commercial policies. Earlier this year, Italy signed a memorandum of understanding (MOU) to jointly move forward in the construction of the Belt and Road Initiative (BRI). The MOU represents a non-binding agreement, meaning that the countries involved are not legally obliged to abide by the terms put forward.
Rating agency Moody’s on Monday issued the clearest indication yet that its patience with South Africa's precarious fiscal position was wearing out, warning that the shock first-quarter 3.2 percent gross domestic product (GDP) plunge was credit negative for the country's ratings.
The crucial role Islamic finance is set to play in financing China’s Belt and Road Initiative (BRI) pays homage to the once great Silk Road and symbiotic relationship between China and the Islamic world prior the 15th Century. Rightfully so, as BRI is the 21st Century’s New Silk Road.