China announces funding of $80 millions

China announces funding of $80 millions

On Monday at the 9th BRICS Summit, Chinese President Xi Jinping announced that China will fund 500 million yuan or $76.4 million for a BRICS economic and technology cooperation plan. He also announced an aid of $4 million for projects of the BRICS countries’ New Development Bank. The announcement came amid questions over the relevance of BRICS and China’s commitment to its New Development Bank (NDB) in light of the Belt and Road initiative and the China-led Asian Infrastructure Investment Bank.

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