World Bank loan for poverty relief program
Print Edition
THE World Bank will provide US$150 million as long-term loan for a poverty reduction project that aims to help impoverished farmers launch their own businesses in China.
The Ministry of Finance confirmed the loan yesterday and said the project will be implemented from this month to March 2021 with a loan period of 29 years.
This is the sixth poverty relief program in China to be granted World Bank financial aid. The project will help form and develop agricultural industrial chains with higher added value for farmers.
The entire process will be guided by industry experts and companies, the ministry said yesterday.
Last week, World Bank President Kim Jim-yong and Minister of Finance Lou Jiwei announced a US$50 million trust fund to help reduce poverty.
In 2014, the number of rural Chinese who earned less than 2,300 yuan (US$370) annually stood at 70.17 million, 12.32 million less than in 2013.
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