China’s president vows $2bn fund to poor nations
China has announced plans for earmarking USD 2 billion for a new assistance fund and more investment in developing countries.
Chinese President Xi Jinping made the announcement on Saturday during his address to the UN Sustainable Development Summit in a move that entails a greater role for Beijing in fighting global poverty.
China would act “by putting justice before interests and joining other countries in a concerted effort to realize the post-2015 agenda,” he said.
According to Xi, Beijing is planning to establish an assistance fund named “South-South” for developing countries. The fund has an initial investment of USD 2 billion.
‘Investment will even get bigger’
“China will continue to increase investment in the least developed countries, aiming to increase its total to USD 12 billion by 2030,” the Chinese president stated.
Beijing is also set to exempt the debt of the least developed countries due by the end of 2015.
Last year, China along with 20 other countries inked a memorandum of understanding to set up the Chinese-led Asian Infrastructure Investment Bank (AIIB). Following the move, dozens of other countries purportedly filed applications for membership in the regional bank.
China’s initiative to establish the AIIB comes as the country seeks to play a greater part in international organizations, such as the International Monetary Fund, the World Bank and the Asian Development Bank, dominated by Europe, the US and Japan.
Authorities have said that the bank aims to meet the need for the construction of dams, ports, power plants and telecommunications networks across Asia.
The United States, meanwhile, has expressed worries about its regulatory policies and transparency. Washington is concerned about China’s sphere of influence and Beijing’s latest banking bid has ruffled feathers in the US, with authorities saying China may use the bank as a political tool for its objectives.
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