OREANDA-NEWS President of the People's Republic of China (PRC) Xi Jinping said that China will create a $10 billion fund that will go to global sustainable development goals. This is reported by RIA Novosti.

According to the Chinese leader, a $4 billion Fund for Global Development and South—South Cooperation has now been established.

In the near future, according to him, Chinese financial institutions will create new funds totaling $10 billion, "designed to implement global development initiatives."

Xi Jinping also said that the decision to expand the BRICS (Brazil, Russia, India, China, South Africa), which was taken during the three-day summit in Johannesburg, will give new strength to cooperation within the organization. According to the President of South Africa Cyril Ramaphosa, from January 1, 2024, the association will include six new states. These include Argentina, Saudi Arabia, Ethiopia, Iran, Egypt and the UAE.

Earlier, Russian President Vladimir Putin proposed a venue for the next BRICS summit.