China, World Bank ink deal to set up poverty reduction fund
China, World Bank Ink Deal To Set Up Poverty Reduction Fund. The World Bank Group (WBG) and China signed an agreement here on Thursday to set up a...
Beijing: The World Bank Group (WBG) and China signed an agreement here on Thursday to set up a trust fund to help reduce poverty.
The fund aims to enhance the WBG-China cooperation and leverage financial and knowledge-based resources to help developing countries achieve inclusive and sustainable development, the WBG said in a statement, according to Xinhua news agency.
The fund worth $50 million is expected to start later this year and it will finance investment projects, operations, knowledge development and human resource cooperation at both global and regional levels.
"China is a strong partner in development and a strong partner for the WBG, and we share the commitment to ending poverty and boosting shared prosperity," said WBG President Jim Yong Kim, who is in China for a visit.
"I look forward to a continued strong, cooperative, and productive relationship, which will benefit developing countries around the world," he said.
China is the WBG's third-largest shareholder and an important contributor to the International Development Association (IDA), the institution's fund for the poorest.