Aug 25, 2023 06:08 AM

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Xi Pledges $10 Billion to Bolster Global Development

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Xi Jinping paid a state visit to South Africa while attending the BRICS summit in Johannesburg

Xi Jinping paid a state visit to South Africa while attending the BRICS summit in Johannesburg

What’s new: China’s financial institutions will soon launch a special fund of $10 billion to support global development, President Xi Jinping said Thursday during the 15th BRICS Summit in Johannesburg, South Africa.

The fund will be dedicated to the implementation of the Global Development Initiative, proposed by China in 2021, according to Xi. China has set up a Global Development and South-South Cooperation Fund with total funding of $4 billion, the president said.

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