'China pledges $2 billion to aid development of poor countries' - Chinese president

Chinese President Xi Jinping announced on Saturday that Beijing will establish an assistance fund with an initial pledge of $2 billion to help developing countries implement a global sustainable development agenda over the next 15 years.

"China will continue to increase investment in the least developed countries, aiming to increase its total to $12 billion by 2030," Xi told a sustainable development summit of world leaders at the United Nations.

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"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," he added.