China will give 500 million yuan ($76.4 million) for a BRICS economic and technology cooperation plan, and another $4 million for projects at the BRICS countries’ New Development Bank, Chinese President Xi Jinping said on Monday.
The newly announced $80 million funding plan pales in comparison to China’s $124 billion pledge earlier in May in a push for Xi’s own Belt and Road initiative, which aims to expand links between Asia, Africa, Europe and beyond as a new way to boost global development.
The announcement came amid questions over the relevance of BRICS and China’s commitment to its New Development Bank (NDB) in light of the Belt and Road initiative and the China-led Asian Infrastructure Investment Bank.
