Home News World Bank adopts $1 bln-plus annual China lending plan over U.S. objections

World Bank adopts $1 bln-plus annual China lending plan over U.S. objections

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World Bank adopts $1 bln-plus annual China lending plan over U.S. objectionsThe World Bank said its board on Thursday adopted a new plan to aid China with $1 billion to $1.5 billion in low-interest loans annually through June 2025, despite the objections of U.S. Treasury Secretary Steven Mnuchin and several U.S. lawmakers. Mnuchin told a House Financial Services Committee hearing that the Treasury’s representative on the board had objected on to the plan on Wednesday, adding he wants the World Bank to “graduate” China from its concessional loan programs for low- and middle-income countries. The five-year lending strategy plan was published http://documents.worldbank.org/curated/en/902781575573489712/pdf/China-Country-Partnership-Framework-for-the-Period-FY2020-2025.pdf on Thursday afternoon after the World Bank’s board “expressed broad support” for the multilateral development lender’s engagement in China’s structural and environmental reforms.