China gives 20 million USD to ADB for poverty reduction fund
Beijing, March 26. KAZINFORM. China has set up a 20 million US dollar fund through the Asian Development Bank (ADB) to promote regional cooperation and reduce poverty in other developing Asian countries.
According to an agreement reached by visiting ADB president Haruhiko Kuroda and Chinese Minister of Finance Jin Renqing, here Thursday, China has contributed 20 million US dollars to the fund at ADB, Kazinform cites PTI.
The bank cited the fund as the first such fund to be established by a developing member nation of the bank and the first financed by China at any international institution.
Chinese Premier Wen Jiabao announced in May last year at a global poverty reduction conference in Shanghai that his country would create a fund with 20 million US dollars in donation to the bank.
China's proposal on the fund, reputed as the Regional Cooperation and Poverty Reduction Fund, was approved by the Manila-based ADB, Xinhua news agency reported.
According to ADB, all its developing member nations will be eligible for grants in support of the regional cooperation under the fund, although priority will be given to members of the Greater Mekong sub-region and Central Asia Regional Economic Cooperation programme.
Over the next five years to 2009, the fund will inspire greater sharing of knowledge and experience on regional cooperation and poverty reduction across developing Asia, the report said. It will assist countries in professionally managed, comprehensive benchmarking of their regional cooperation and poverty reduction efforts.
Kuroda and Jin also signed an agreement on ADB's loans for a road project in Gansu Province and a coalmine gas utilisation project in Shanxi Province.
http://www.inform.kz/txt/showarticle.php?lang=eng&id=116384
Beijing, March 26. KAZINFORM. China has set up a 20 million US dollar fund through the Asian Development Bank (ADB) to promote regional cooperation and reduce poverty in other developing Asian countries.
According to an agreement reached by visiting ADB president Haruhiko Kuroda and Chinese Minister of Finance Jin Renqing, here Thursday, China has contributed 20 million US dollars to the fund at ADB, Kazinform cites PTI.
The bank cited the fund as the first such fund to be established by a developing member nation of the bank and the first financed by China at any international institution.
Chinese Premier Wen Jiabao announced in May last year at a global poverty reduction conference in Shanghai that his country would create a fund with 20 million US dollars in donation to the bank.
China's proposal on the fund, reputed as the Regional Cooperation and Poverty Reduction Fund, was approved by the Manila-based ADB, Xinhua news agency reported.
According to ADB, all its developing member nations will be eligible for grants in support of the regional cooperation under the fund, although priority will be given to members of the Greater Mekong sub-region and Central Asia Regional Economic Cooperation programme.
Over the next five years to 2009, the fund will inspire greater sharing of knowledge and experience on regional cooperation and poverty reduction across developing Asia, the report said. It will assist countries in professionally managed, comprehensive benchmarking of their regional cooperation and poverty reduction efforts.
Kuroda and Jin also signed an agreement on ADB's loans for a road project in Gansu Province and a coalmine gas utilisation project in Shanxi Province.
http://www.inform.kz/txt/showarticle.php?lang=eng&id=116384
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