China, World Bank launch $50m fund to reduce global poverty

Jim Yong Kim and Lou Jiwei during the signing.
Jim Yong Kim and Lou Jiwei during the signing.

The World Bank Group and China have launched a $50 million trust fund to help reduce poverty in the world, the Bank has announced.

The President of the Bank, Jim Yong Kim signed the agreement with China Finance Minister, Lou Jiwei, AJuly 16, 2015 during a visit to Beijing.

During the visit, the World Bank President also met with leaders of the Multilateral Interim Secretariat for Establishing the Asia Infrastructure Investment Bank (AIIB) to discuss closer collaboration.

“These initiatives reinforce the growing partnership with China, which already is the Bank’s third-largest shareholder and an important contributor to IDA, the institution’s fund for the poorest, as well as the Global Infrastructure Facility,” the Bank says.

By Emmanuel K. Dogbevi

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