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China's Guangxi region gets $400 million loan from World Bank

Published 06/23/2018, 03:32 AM
Updated 06/23/2018, 03:40 AM
© Reuters. Guangxi Yangxiang's high-rise pig farm buildings are seen at Yaji Mountain Forest Park in Guangxi

© Reuters. Guangxi Yangxiang's high-rise pig farm buildings are seen at Yaji Mountain Forest Park in Guangxi

BEIJING (Reuters) - The World Bank will issue a $400 million loan to China's southwestern Guangxi region to help poverty reduction efforts, the bank said.

The funds will support efforts to boost incomes by setting up farmers' co-operatives, and connecting small-scale farmers with markets.

It will also finance infrastructure, and is expected to benefit about 1.74 million people, the bank said on Friday.

Guangxi has more than 3 million rural poor and a poverty rate of more than 7 percent, partly due to limited natural resources and low levels of infrastructure compared with other regions in China, it said in a statement on its website.

The loan is the bank's first to be linked to results, it said, by introducing improved planning, budgeting and monitoring systems.

© Reuters. Guangxi Yangxiang's high-rise pig farm buildings are seen at Yaji Mountain Forest Park in Guangxi

Total financing from 2018 to 2021 period is expected to be $5.53 billion, of which 93 percent will be financed by the government and 7 percent by the World Bank.

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