Chinese President Xi Jinping announced on Tuesday that Beijing will expand its investments and financial support to global partners, unveiling new grants and loans during the opening of the Shanghai Cooperation Organization (SCO) summit, a regional security bloc led by China and Russia.

Xi said China will provide 2 billion yuan ($275 million) in grants to SCO member states this year, along with 10 billion yuan in loans to banks within the organization’s interbank consortium over the next three years.

He highlighted that China’s cumulative investments in SCO member states have already exceeded $84 billion, while annual bilateral trade with fellow members has surpassed $500 billion.

According to Bloomberg News, the summit in China is being attended by several world leaders, including Russian President Vladimir Putin and Indian Prime Minister Narendra Modi.