UN: Xi Jinping announces $2b support for developing countries

Chinese President Xi Jinping said China will establish an assistance fund for south-south cooperation with an initial pledge of $2 billion (€1.79 billion) in support of developing countries implementation of the post 2015 development agenda as he spoke to the United Nations General Assembly, Saturday. "China will continue to increase investment in the least developed countries aiming to increase its total to 12 billion dollars by 2030,” Xi Jinping promised, adding that "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."