China announces South-South assistance fund and debt cancellation for least developed countries

September 26, 2015

Chinese President Xi Jinping announced today that he will establish an assistance fund for South-South cooperation to which he will initially contribute $ 2 billion to advance the post-2015 Development Agenda.

In his speech to the plenary session of the UN General Assembly during the Sustainable Development Summit, the president also announced that his country will increase investment in the least developed countries and cancel the debt of the poorest.

“China will write off fully interest-free loan debt by 2015, especially for least developed countries, landlocked countries and small island developing states,” he said.

Xi Jinping also reported that China will create a knowledge center for international development in which studies, experiences and good practices will be exchanged. He also cited his plan for a new development bank.

China has become a key global economic engine for development and will continue to be, said the Chinese president, who fought for an equitable, open, broad and innovation-driven path to advance the 2030 Agenda.

Xi Jinping asserted that development should not be the privilege of some countries but a right to which the entire community of nations has access.

The president of China also stressed the importance of countries respecting the measures taken by each of them to advance their development.

September 26, 2015

Chinese President Xi Jinping announced today that he will establish an assistance fund for South-South cooperation to which he will initially contribute $ 2 billion to advance the post-2015 Development Agenda.

In his speech to the plenary session of the UN General Assembly during the Sustainable Development Summit, the president also announced that his country will increase investment in the least developed countries and cancel the debt of the poorest.

“China will write off fully interest-free loan debt by 2015, especially for least developed countries, landlocked countries and small island developing states,” he said.

Xi Jinping also reported that China will create a knowledge center for international development in which studies, experiences and good practices will be exchanged. He also cited his plan for a new development bank.

China has become a key global economic engine for development and will continue to be, said the Chinese president, who fought for an equitable, open, broad and innovation-driven path to advance the 2030 Agenda.

Xi Jinping asserted that development should not be the privilege of some countries but a right to which the entire community of nations has access.

The president of China also stressed the importance of countries respecting the measures taken by each of them to advance their development.