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.
As the United Nations 2030 Agenda for Sustainable Development is due for a midterm review this year, the delivery of most sustainable development goals remains slow, Xi said. “This is a cause for concern, and the global development endeavor faces formidable challenges,” Xi said.
The Chinese president called to uphold multilateralism, forge a global development partnership and create a secure and stable international environment for shared development.
China will expand cooperation with African countries to support the continent’s development with specific measures such as providing satellite mapping data products, Xi said.
The context: In his second foreign trip this year, Xi paid a state visit to South Africa while attending the BRICS summit in Johannesburg. The bloc comprises Brazil, Russia, India, China and South Africa.
An expansion of membership was a focus at this year’s summit. Thursday the group invited six countries — Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates — to become new members as of Jan 1.
Xi hailed the expansion, calling it “historic” and “a new starting point for BRICS cooperation.”
Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bob.simison@caixin.com)
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