BRICS Operations: China Offers Huge Additional Financial Support

Over 110, 516 billion FFCA is for facilitating economic and trade cooperation.

The ninth Brazil, Russia, India, China, South Africa, BRICS economic bloc summit holding in the south-eastern Chinese city of Xiamen, Fujian province, continued on September 4, 2017 with a plenary meeting of the five leaders of the grouping. Chinese President Xi Jinping announced his country’s offer of more financial support to the organisation.

In this regard, China will launch an Economic and Technical Cooperation Plan for BRICS countries with 500 million RMB (42.2 billion FCFA) for the first term to facilitate policy exchange and practical cooperation in the economic and trade fields, and disburse 4 million US dollars (2.2 billion FCFA) to the BRICS-owned New Development Bank’s Project Preparation Facility.

He expressed regret at the fact that out of the 197 billion US dollars (2,516 billion FCFA) outbound global investments in 2016, only 5 per cent went to BRICS countries. According to Xi Jinping, BRICS cooperation in the past decade was guided by win-win partnerships. “We need to redouble efforts to strengthen partnership as we seek practical results …. Our full potentials are yet to be fully tapped,” the Chinese leader cautioned.

Xi Jinping spoke of the need to make the international order more just and equitable, for BRICS to speak with one voice to safeguard common interests, and for economic globalisation to be open to all. He pleaded for more people-to-people exchan...