China pledges 2 bln USD to support South-South cooperation

Source: Xinhua News

Chinese President Xi Jinping announced here on Saturday that China will provide 2 billion U.S. dollars to support South-South cooperation, and called for an equitable development path for all countries.

China will set up a fund, with initial contribution of 2 billion dollars, to support South-South cooperation and assist developing countries in implementing their post-2015 development agenda, Xi told the United Nations Sustainable Development Summit at the UN headquarters in New York.

Xi said China will also do its best to raise its investment in the least developed countries (LDCs) to 12 billion dollars by 2030.

In addition, China will exempt the debt of the outstanding intergovernmental interest-free loans due by the end of 2015 owed by the relevant LDCs, landlocked developing countries and small island developing countries, the president said.

Xi's announcement of those support and assistance measures met with warm applause from the audience.

As part of China's plan in implementing the post-2015 development agenda adopted by the UN summit, Xi also announced that China will establish an international development knowledge center to facilitate studies and exchanges by countries on theories and practices of development suited to their respective national conditions, and will propose discussion on establishing a global energy network to facilitate efforts to meet the global power demand with clean and green alternatives.

The president added that China is ready to work with other relevant parties to move forward the implementation of the Belt and Road Initiative, achieve an early operation of the Asian Infrastructure Investment Bank and the BRICS New Development Bank, and contribute to the economic growth and people's well-being of the developing countries.