China to Set Up $2 Billion Fund to Help Developing Countries

China will set up a $2 billion fund for an initiative involving 600 projects in African and Asian countries, Zhang Jun, director-general at the Ministry of Foreign Affairs’s Department of International Economic Affairs, said in New York.

The fund will focus on areas such as education, health care and infrastructure in less-developed regions, China President Xi Jinping said earlier in a speech at the United Nations in New York. China will seek to increase the fund to $12 billion by 2030, and will write off interest-free loans owed by the least developed regions, he said.

“China will not impose political conditions on countries in getting access to the fund,” Zhang said at a briefing.

— With assistance by Keith Zhai

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