This policy brief examines the issue of risk exposure within the Belt and Road Initiative (BRI) and explores the potential of co-financing models involving Multilateral Development Banks (MDBs) as an effective de-risking mechanism. Since 2013, the BRI has mobilized over USD 1 trillion in infrastructure investments; however, a significant share of projects has faced cost overruns, delays, and political or social risks. Drawing on existing cases of blended finance and MDB participation, the paper proposes a simplified co-financing framework aimed at reducing financial, regulatory, and reputational risks for Chinese lenders and host countries. The analysis highlights how MDB involvement can lower capital costs, improve governance standards, and enhance project sustainability. The brief concludes with policy recommendations for expanding MDB–China cooperation within the BRI framework, with particular relevance for emerging markets and international business stakeholders.