Chinese President Xi pledges $2 billion for new development fund

Chinese President Xi Jinping has announced that China will provide 2 billion U.S. dollars to support South-South cooperation. China will also 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.

The Chinese president made the announcement on Saturday when addressing the United Nations Sustainable Development Summit at the UN headquarters in New York.

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