World Bank Group President Jim Yong Kim and Chinese Finance Minister Lou Jiwei signed an agreement Thursday to establish a $50 million fund that aims to reduce global poverty.
The fund, which is set to launch later this year, aims to enhance cooperation between China and the bank in helping developing economies, according to an announcement the World Bank sent to the Global Times Thursday.
The fund will help finance investment projects in developing economies, in such areas as operations, knowledge development and human resource cooperation both internationally and regionally, according to the World Bank's announcement.
During a visit to China, Kim also met leaders of the Multilateral Interim Secretariat for the China-proposed Asian Infrastructure Investment Bank (AIIB) to discuss closer cooperation, according to the announcement.
Kim, along with Jin Liqun, secretary-general of the AIIB Multilateral Interim Secretariat and a candidate for the AIIB's presidency, on Thursday also agreed on further cooperation in financing infrastructure projects.
During a meeting with Kim on Thursday afternoon, Chinese Premier Li Keqiang said that China's economy is stable and major economic indicators are pointing to a recovery. Li also said that the country has the confidence and ability to deal with economic challenges.
