World Bank, China to establish poverty reduction fund

Beijing, July 17 (IANS) 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.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of or any employee thereof. is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here