HEADLINE Alibaba announces $1.5 bln fund to alleviate poverty in China

HEADLINE

Alibaba announces $1.5 bln fund to alleviate poverty in China

People's Daily App

16:34, December 01, 2017

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Alibaba Group Holding Limited today announced the Alibaba Poverty Relief Fund, a dedicated fund that will carry out all of Alibaba Group's initiatives designed to improve the livelihood of China's poor. Total commitment of the Fund will be RMB10 billion (US$1.5 billion) over the next five years.

The Fund will primarily focus on education, empowering women, entreneurship, and environmental protection. As chairman of the Fund, Jack Ma will focus on rural education, an area of passion for him.

"We believe the end of poverty is a goal that can be achieved and our Fund embodies our long-standing commitment to give back to society...this Fund takes our commitment a step further. We seek to lead by example and make a meaningful impact with our work," Jack Ma said.

Shao Xiaofeng, one of Alibaba's 36 partners, will serve as president of the Fund and other Alibaba partners, including Joe Tsai, Lucy Peng, Daniel Zhang, and Eric Jing, will make spearhead efforts in different areas.

The Fund will provide semi-annual reports to update the public on the progress the Foundation makes in reducing poverty in China. The Fund will also engage 30 independent observers to monitor the Fund's allocation. Each Alibaba business unit will develop and execute their own poverty alleviation initiative.

(Compiled by Wang Yi)

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