China pledges $2B to help developing countries
Also promises to forgive debt owed by countries in greatest need
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.
- Dinnertime diplomacy with Chinese president
- Obama snubs Waldorf-Astoria hotel amid espionage fears
- China's Xi arrives in U.S., talks joint cybercrimes effort
- Obama issues sanctions threat over Chinese cybertheft
"China will continue to increase investment in the least developed countries, aiming to increase its total to $12 billion by 2030," 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.
The fund would help pay for such things as health care, education and economic development.