The World Bank Group (WBG) and China signed an agreement here on Thursday to set up a trust fund to help reduce poverty.
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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.