Chinese President Xi Jinping is pledging billions in development aid to the world’s poorest nations and says China will forgive the debts due this year of those worst-off.

Speaking at the U.N. summit on new development goals, Xi said China will commit an initial $2 billion to establish an assistance fund to meet post-2015 goals in areas such as education, health care and economic development. He said China would seek to increase the fund to $12 billion by 2030.

Xi said China would write-off intergovernmental interest-free loans owed to China by the least-developed, small island nations and most heavily debt-burdened countries due this year.

He said China “will continue to increase investment in the least developed countries,” and support global institutions, including the Beijing-backed Asian Infrastructure Investment Bank that is due to launch by the end of the year.

“The post-2015 development agenda is a high standard list of deliverables that carries with it our solemn commitment. It is often said that the worst of any plan is in its implementation. I therefore call on the international community to redouble their collective efforts for the joint implementation of the post-2015 development agenda. First, build up the development capacities. Development, in a final analysis, is the job of individual countries. We Chinese say, ‘Eat, according tot he seize of one’s stomach, and dress according to the size of one’s figure.’ It is therefore necessary for them to formulate their own development strategies that fit their endowment and their national conditions. The international community has a duty to help developing countries with capacity building and provide them with support and assistance tailored to their actual needs,” Xi said.

Story complied with information from Reuters and The Associated Press.

Robert Lawrence Kuhn on President XI’s appearance at the United Nations

For more on Xi Jinping’s appearance at the United Nations, CCTV’s Susan Roberts spoke to Robert Lawrence Kuhn. He’s an expert on China business, international corporate strategist and host of the television series “Closer to Truth”.

President Xi promotes cooperation among developing countries

For more analysis on China’s commitment to developing countries.

CCTV’s Nathan King filed this report from UN Headquarters.