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.
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