President Xi Jinping said China and Argentina should implement existing hydropower and railway projects and deepen cooperation in trade, industry, infrastructure, investment and anti-epidemic efforts, Xinhua cited him as saying in a meeting with his Argentine counterpart, Alberto Fernandez, on Sunday.

Xi said the countries should work together on efforts for the Belt and Road initiative, according to the news agency. The two nations signed memorandum of understanding on cooperation for the project, it said.

Argentina will receive Chinese financing for more than $23.7 billion, of which $14 billion were already approved for infrastructure projects and the rest will be decided for the Belt and Road initiative, the South American nation said in a statement. 

Fernandez expressed willingness to step up work with China on vaccine production and in other areas, Xinhua reported.