The World Bank has approved a plan on annually providing China with $1 billion to $1.5 billion in low-interest loans through June 2025 despite US Treasury Department objections, APA reports citing Sputnik.
The plan was published after the World Bank's board "expressed broad support" for the international lender's engagement in China's structural and environmental reforms.
The blueprint stipulates that lending will “gradually decline” from the previous five-year average of $1.8 billion.
The bank said that “lending levels may fluctuate up and down from year to year due to normal pipeline management based on project readiness”.
It pointed out that China is interested in continued financing from the World Bank’s International Bank for Reconstruction and Development division “as platforms for reform, institution building and knowledge transfer.”
The goal of the five-year plan’s loans is to promote market and fiscal reforms, boost greener growth and increase citizens’ access to health and social services, according to the statement.