China to participate in World Bank loan fund
17 December 2007
China will start making donations to the World Bank fund that awards concessional loans to poor countries, the Financial Times reported. Beijing's decision to join the International Development Association (IDA) was made at a conference in Berlin at which the World Bank was hoping to persuade IDA members to boost the size of the fund from US$32.5 billion to as much as US$40 billion. China's first contribution is expected to be only a few hundred million dollars, but the move is seen as symbolic of Beijing's readiness to work more closely with the World Bank. Robert Zoellick, the president of the multilateral organization, is keen to see China, which is making significant investments in Africa, coordinate its efforts with the rest of the international community.