WBG and China also agree on AIIB collaboration
BEIJING, July 16, 2015— World Bank Group President Jim Yong Kim today praised China for its growing role in global development in meetings with Premier Li Keqiang and other senior leaders including Finance Minister Lou Jiwei and Governor Zhou Xiaochuan of the People’s Bank of China.
On the first day of his two day visit, President Kim had a far reaching discussion with Premier Li Keqiang on the global economy, development finance and China’s health reforms.
In a separate meeting today, President Kim and Finance Minister Lou Jiwei signed an agreement to establish a $50 million fund to help reduce poverty. 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.
“China is a strong partner in development and a strong partner for the World Bank Group, and we share the commitment to ending poverty and boosting shared prosperity,” said President Kim. “I look forward to a continued strong, cooperative, and productive relationship, which will benefit developing countries around the world.”
The trust fund, which is expected to start later this year, aims to enhance the cooperation between China and the World Bank Group and leverage financial and knowledge-based resources to help developing countries achieve inclusive and sustainable development. It will finance investment projects, operations, knowledge development and human-resource cooperation at both global and regional levels.
“The establishment of this trust fund signals that our partnership with existing multilateral development banks is growing, even as we support new ones. We will continue to partner with the World Bank in fighting poverty and promoting development around the world,’ said Minister Lou.