China Development Bank plans to allocate more than $60 billion to fight poverty

Beijing. April 2. Silkroadnews - China Development Bank, a major policy bank, plans to allocate 400 billion yuan (about $63.8 billion) this year to support targeted poverty relief projects, Xinhua reports.
According to the bank, loans will be used to fund construction of infrastructure, resettlement of poor residents, development of local industries and improvement of education and health in poverty-stricken areas.
Reportedly, over the past five years the bank has allocated loans for 919 billion yuan for targeted poverty relief projects across 987 poor counties.
The Chinese government intends to lift more than 10 million people out of poverty in 2018, including the resettlement of 2.8 million people from inhospitable areas.
More than 68.5 million rural people in China were lifted out of poverty between the end of 2012 and the end of 2017. The national poverty rate fell from 10.2% to 3.1%.
By 2020 China aims to eliminate poverty and build a “moderately prosperous society”.