World Bank, China to establish poverty reduction fund


17th July, 2015 08:48:45 printer

World Bank, China to establish poverty reduction fund

World Bank Group (WBG) and China signed an agreement here yesterday 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.


The fund worth 50 million U.S. dollars 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.