The 2017 Silk Road International Association Inaugural Meeting and 1st Summit takes place in Hangzhou, capital of Zhejiang province on June 17. [Photo/Chinanews.com]

Two major organizations set up to implement the Belt and Road Initiative, China's ambitious trade and investment plan that will see the country invest hundreds of billions of dollars overseas, will be based in Hangzhou, Zhejiang province, it was announced on June 17.

The organizations set to be headquartered in Hangzhou are the Silk Road International Association (SRIA), a body set up by the influential International Finance Forum to provide financial services for Belt and Road projects, and a 100-billion-yuan ($14.6-billion) fund that will support Zhejiang companies participating in the initiative.

The announcement was made during the inaugural meeting of the SRIA, which took place in Hangzhou on June 17-18.

The association was founded by members of the IFF, a Beijing-based financial forum set up in 2003 with support from the United Nations, Chinese government and a number of former world leaders including the former US President Bill Clinton and Canadian Prime Minister Jean Chretien.

The IFF has become an important channel of communication between China and the rest of the world as the country has integrated itself into the global financial system.

The new Silk Road International Association is expected to play a similar role as China rolls out its Belt and Road Initiative, bringing together business and political leaders, scholars and financial experts to discuss the implementation of the plan.

It will also provide financial services to companies wishing to take part in the Belt and Road Initiative and promote the involvement of the financial industry in the project.