China, on the opening ceremony of the BRICS 9th summit on Monday, announced 500 million yuan (about $76 million) for economic and technological cooperation and exchanges among BRICS countries. Beijing also said it will allocate $4 million to the New Development Bank (NDB).

“I wish to announce here that China will launch the economic and technical cooperation plan for BRICS (Brazil, Russia, India, China and South Africa) countries with 500 million yuan for the first term to facilitate policy exchange and practical cooperation and in the economic and trade field,” said Chinese President Xi Jinping.

“China will contribute $4 million to the NDB project preparation facility to support the business operation on a long term development of the bank,” he added.

The 9th BRICS Summit began in China on Sunday, with Indian Prime Minister Narendra Modi and Chinese President Xi Jinping expected to meet on the sidelines of the three-day event.

The Modi-Xi meeting, which both sides have indicated, comes after Doklam Standoff row ended last week after lasting for over 70 days.

Addressing the 9th annual summit of the five the member with emerging economies, Chinese President asked all the members that they must shelve their differences and accommodate each other’s concerns by enhancing mutual trust and strategic communication.

The 3-day BRICS summit started with Brics Business Council amid the havoc caused by the Typhoon Mawar.

Addressing the Summit the Chinese President urged all the 5 countries to actively take part in global governance. He said that without the participation, many pressing global challenges cannot be resolved.

On Saturday, Modi, arrived in Xiamen later on Sunday, said he would also meet other BRICS leaders. PM Modi is also expected to hold bilateral talks with Russian President Vladimir Putin. Xi and Modi last met bilaterally during June’s Shanghai Cooperation Organisation summit in Astana, Kazakhstan.

They met informally at G20 in Germany the following month amid the border crisis. Modi might raise Pakistan’s terror links at the event. China has said the summit was not the appropriate place to discuss the issue.

The five-member bloc of Brazil, Russia, India, China and South Africa was formed in 2006. (With Agency Inputs)