China Plans to Launch New Cooperation Initiative for BRICS, to Contribute to NDB

Chinese President Xi Jinping says that China is going to contribute to the new economic and technical cooperation plan for the BRICS countries financially and to support New Development Bank project.

XIAMEN (China) (Sputnik) — China intends to make financial contributions to support the new economic and technical cooperation plan for the BRICS member states, as well as to support the New Development Bank's (NDB) activities, President Xi Jinping said Monday.

"I wish to announce here that China will launch the economic and technical cooperation plan for BRICS countries with 500 million yuan [$76 million at the current exchange rates] for the first term to facilitate policy exchange and practical cooperation in economic and trade field," Xi said at the opening of the plenary session at the BRICS Summit in Xiamen.

#Xi: China will contribute 4 mln USD to New Development Bank project preparation facility to support business operation of the bank #BRICS pic.twitter.com/npXpdSfvzB

— China Xinhua News (@XHNews) September 4, 2017

"China will contribute four million US dollars to the NDB [BRICS New Development Bank] project preparation facility to support business operation and development of the bank," Xi continued.