World

World Bank, China To Establish Trust Fund To Reduce Poverty

NEWS WORLD INDIA | 0
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| July 17 , 2015 , 07:11 IST
The World Bank Group (WBG) and China signed an agreement here on Thursday to set up a trust fund to help reduce poverty. [caption id="attachment_83509" align="aligncenter" width="700"]Jim Yong Kim-Lou Jiwel World Bank Group President Jim Yong Kim and China's Finance Minister Lou Jiwei (Photo Courtesy: World Bank)[/caption] 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 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.