China and seven countries in and around central Asia have reached a preliminary agreement to build a $19.2bn modern-day equivalent to the historic ‘Silk Road’ trade route between China and Europe.

The plan was agreed by senior officials in Manila this month and is expected to receive formal endorsement at a November ministerial meeting in Tajikistan. It is backed by the Asian Development Bank, the European Bank for Reconstruction and Development, the Islamic Development Bank, the International Monetary Fund, the United Nations Development Programme and the World Bank.