UNITED NATIONS — China and the United Nations signed an agreement on May 6 covering a multi-year contribution of $200 million from China to the UN to finance activities relating to peace, security and development.

Liu Jieyi, China’s permanent representative to the UN and Edmond Mulet, UN secretary-general’s chef de cabinet signed the agreement.

According to the agreement, China will contribute $200 million to the United Nations in next 10 years to the newly established UN Peace and Development Trust Fund. The fund will be used to support activities in the area of peace and security, as well as the 2030 Agenda for Sustainable Development.

In practice, the UN will set up a committee made up of personnel from both China and the UN to guide the operation of the Fund, according to the agreement.

UN Secretary-General Ban Ki-moon is “extremely appreciative of this generous contribution to the UN,” said UN Spokesperson Stephane Dujarric on May 6.

“The contribution is a further demonstration of the strong commitment of the government and people of China to the goals and activities of the UN,” said Dujarric.

Last year during the UN’s 70th anniversary summit, President Xi Jinping announced that China will establish a 1-billion-dollar China-UN peace and development fund to support the UN’s work, advance multilateral cooperation and contribute more to world peace and development.

Based on the initiative, China and the United Nations have agreed that the $200 million of the total amount will be hosted by the United Nations and will finance relative activities in the form of UN Peace and Development Trust Fund, according to China’s permanent mission to the UN.