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China Strengthens Support to Developing Countries

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The new funding is of vital importance in translating the Initiative from blueprint to concrete projects and tangible benefits to the peoples of various countries, an anonymous source at the Ministry of Commerce said.

President Xi Jinping's pledges made at the just-concluded Belt and Road Forum for International Cooperation in Beijing for China, will mean that, in the next three years, 60 billion yuan (US$8.72 billion) will be used to aid developing countries and international organizations taking part in the Belt and Road Initiative, US$1 billion to South-South Cooperation Assistance Fund and US$1 billion to other international organizations involved in the Initiative.

A Commerce Ministry official handling foreign aid affairs said the fund will help integrate the Initiative with the development strategies and plans of various countries, so as to improve local livelihood and help the countries achieve the 2030 sustainable development agenda.

The 60 billion yuan funding consists of non-reimbursable aid and interest-free loans. Recipient states are recommended to maintain close communications with China’s embassies, and economic and commercial agencies to put forward their plans for using the money, which should prioritize the needs of peoples coming under the Initiative's framework, the official said.

In 2015, President Xi vowed to found a South-South Cooperation Fund with US$2 billion in initial capital. The additional US$1 billion fund he mentioned this time will thus increase the scale to US$3 billion.

The US$1 billion funding to relevant international organizations will mainly be used in supporting projects of agriculture, education, environmental protection, industry, public health and poverty relief in developing countries taking part in the Initiative, the official added.

China will combine its development experiences and technology with the international organizations' channels and special capacities to serve the effective implementation of the initiative, he added.

Editor: liuyue

Source: Belt and Road Portal
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China Strengthens Support to Developing Countries
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