Beijing pledged billions to aid developing country over 15 years, says Xi Jinping

China’s president on Saturday pledged billions in aid and said Beijing will forgive debts due this year in an effort to help the world’s poorest nations, as world leaders begin to seek the trillions of dollars needed to help achieve sweeping new development goals.

He said yesterday that Beijing will establish an assistance fund with an initial pledge of $2 billion to help developing countries implement a sweeping global sustainable development agenda over the next 15 years.

"China will continue to increase investment in the least developed countries, aiming to increase its total to $12 billion by 2030," Xi told a sustainable development summit of world leaders at the United Nations in New York.

"China will exempt the debt of outstanding intergovernmental interest-free loans due by the end of 2015 owed by the relevant least developed countries, landlocked developing countries and small island developing countries," he added.

The 193-member United Nations General Assembly on Friday adopted the most far-reaching agenda ever of global goals to combat poverty, inequality and climate change, capping years of debate.

Described by the U.N. Secretary-General Ban Ki-moon as "a to-do list for people and planet," the 17 Sustainable Development Goals are to be implemented over the next 15 years with a big global push to win public and political support.