China announces $76 million for BRICS economic cooperation

Beijing also said it will contribute $4 million to New Development Bank to support the business operation on a long-term development.

China on Monday announced 500 million yuan (about $76 million) for economic and technological cooperation and exchanges among BRICS countries.

Chinese President Xi Jinping (right) with Russian President Vladimir Putin and Prime Minister Narendra Modi to a plenary session of BRICS Summit, in Xiamen, China, on Monday. (AP Photo)

Beijing also said it will allocate $4 million to the New Development Bank(NDB).

“I wish to announce here that China will launch the economic and technical cooperation plan for BRICS (Brazil, Russia, India, China and South Africa) countries with 500 million yuan for the first term to facilitate policy exchange and practical cooperation and in the economic and trade field,” Chinese President Xi Jinping said at the opening ceremony of the bloc’s 9th summit here.

“China will contribute $4 million to the NDB project preparation facility to support the business operation on a long term development of the bank,” he added.