Photo: CFP

Nicaragua became the latest nation to join the China-proposed Belt and Road Initiative (BRI), as China and the Central American country moved closer to strengthen bilateral relations and economic cooperation. 

According to a post on WeChat by the National Development and Reform Commission on Wednesday, the governments of China and Nicaragua signed a Memorandum of Understanding (MoU) to jointly push the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

So far, China has signed more than 200 agreements with 146 countries and 32 international organizations on the joint construction of the BRI, according to the post. 

Media also reported earlier that Beijing and Managua signed an agreement for the mutual exemption of visas for holders of diplomatic passports, service passports, and public or official affairs passports.

Nicaragua joined China's BRI about one month after China and Nicaragua announced the resumption of diplomatic relations. China also sent an envoy to the country to attend the inauguration ceremony of Nicaragua’s President Daniel Ortega held on Monday. 

Meanwhile, the Ortega administration has been facing pressure from western countries, as the US and the EU imposed sanctions on several Nicaraguan officials for their participation in what the US Treasury called "fraudulent national elections." 

Analysts said that BRI projects, such as public infrastructure and telecommunications, will benefit residents of Nicaragua given the country's stable political situation. 

Data released by the Ministry of Commerce of China also show that China's non-financial direct investment in countries along the BRI surged by 12.7 percent year-on-year in the first 11 months of 2021.