In a recent United Nations (UN) summit, China pledged to invest $2 billion in aid to developing nations. In addition to forgiving certain impoverished nations’ loans, Beijing will increase investment for various overseas projects.
Speaking at the UN on Saturday, Chinese president Xi Jinping announced initiatives to drive sustainable development. This comes as a positive step towards international cooperation, as the superpower has a history of isolationist tendencies.
“Looking to the future, China will continue to take a right approach to justice and interests by putting justice before interests and join the other countries in the concerted efforts to realize the post-2015 development agenda,” Xi said.
President Xi vowed that the funds would reach up to $12 billion over the next 15 years.
“To solve various global challenges, including the recent refugee crisis in Europe, the fundamental solutions lie in seeking peace and realizing development,” he continued.
The summit focused on a renewed goal of “eradicating poverty in all its forms” through what the organization deems the three dimensions of sustainable development: the economic, social and environmental.
During the global body’s meeting in New York, President Obama met with his Chinese counterpart to further discuss how to combat climate change and cut global greenhouse emissions.
The UN estimates it will need $5 trillion a year to reach their goals by 2030.
[United Nations] [New York Times] [Reuters] [Photo courtesy ABC]