China's President Xi Jinping delivers a speech at the opening ceremony of the fifth regular foreign ministers' meeting of the Conference on Interaction and Confidence Building Measures in Asia (CICA) at the Diaoyutai State Guesthouse in Beijing April 28, 2016. REUTERS/KYODO(reuters_tickers)
UNITED NATIONS (Reuters) - China signed an agreement with the United Nations on Friday to pay $20 million (14 million pounds) annually for a decade to help fund peace, security and development activities, taking the first step in fulfilling a $1 billion (693 million pounds) pledge made by President Xi Jinping.
The money will be paid into a newly established U.N. Peace and Development Trust Fund, and China's contribution will be split evenly between supporting peace and security, and implementing a 2030 agenda for sustainable development.
U.N. Secretary-General Ban Ki-moon was "extremely appreciative of this generous contribution to the United Nations," his spokesman Stephane Dujarric told reporters.
"This is a follow-up of Chinese President Xi Jinping's announcement last September of China's contribution to a strong United Nations," Dujarric said.
During the annual gathering of world leaders at the United Nations in September last year, Xi said China would establish "a 10-year, $1 billion China-U.N. peace and development fund to support the U.N.'s work."
(Reporting by Michelle Nichols; Editing by Bernadette Baum)