China pledges $2 billion to help develop poor countries

Chinese President Xi Jinping with U.N. Secretary-General Ban Ki-moon (right) after addressing the United Nations Sustainable Development Summit 2015 at the United Nations headquarters at Manhattan in New York on Saturday.

Chinese President Xi Jinping announced on Saturday that Beijing will establish an assistance fund with an initial pledge of $2 billion to help developing countries implement a global sustainable development agenda over the next 15 years.

“China will continue to increase investment in the least developed countries, aiming to increase its total to $12 billion by 2030,” Mr. Xi told a sustainable development summit of world leaders at the United Nations.

“China will exempt the debt of the outstanding intergovernmental interest-free loans due by the end of 2015 owed by the relevant least developed countries, landlocked developing countries and small island developing countries,” he added.