China's state-owned enterprises (SOE) launced a fund which targets to put 5 billion yuan or $722 million this 2017 to help alleviate poverty, the board meeting discussed on Friday, Jan. 6.
The poverty-relief fund, run by State Development and Investment Corporation, enlisted SOEs to help raise initial funding of about 12 billion yuan, which is expected to increase up to 100 billion after four years from now. The said fund was launched way back October 2016.
"Since its debut, the fund has earmarked over 1.4 billion yuan for six projects, covering farm product sales, husbandry and forestry," Zhang Hua, chief accountant of SDIC said.
"The second round of fundraising will be completed by April of this year," Zhang said, adding that all the money will be put into use to fund projects by 2018.
Moreover, they aim to develop the local industry which is a major priority to fight against poverty. To recall, China plans to lift its poor sector by 2020.
