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Alibaba Launches CNY 10 bln Poverty Relief Fund
Source: www.telecompaper.com
Source Date: Friday, December 01, 2017
Focus: ICT for MDGs
Country: China
Created: Dec 04, 2017

Alibaba Group’s executive chairman Jack Ma has introduced the CNY 10 billion (approximately USD 1.5 billion) Alibaba Poverty Relief Fund to promote positive social changes and improve the lives of people in China. Ma will personally oversee the Fund aimed at combating poverty in rural China over the next five years. 

The Fund will be chaired by Ma, who will focus on elevating the quality of education in rural areas. Shao Xiaofeng, one of Alibaba’s 36 partners, will serve as president of the Fund while four other partners will serve as vice-chairs, with their own areas of focus. Joe Tsai, Alibaba’s executive vice chairman will home in on assisting disadvantaged university students by removing barriers that may be impeding them from achieving their dreams. One of the initiatives will include interest-free student loans. 

Chief Executive Officer Daniel Zhang will concentrate on helping local entrepreneurs in rural regions to have wider access to bigger markets. He will also ensure that quality agriculture products produced by rural farmers are being sold and transported to markets beyond their home villages. Lucy Peng, the executive chairman of Ant Financial, a related company to Alibaba, will lead initiatives on empowering women to lift themselves out of poverty. Ant Financial CEO Eric Jing will focus on jumpstarting rural economies through environmental restoration. 

A semi-annual report detailing Fund activity will be published, while 30 independent public observers will have the opportunity to monitor how the fund is allocated. Contribution to the fund will be from Alibaba’s 36 partners and employees. Additional support for the new Fund will come from the Alibaba Foundation. Beyond its financial contribution, Alibaba says its support will include offering the expertise and services from its e-commerce, logistics, payment and financial service platforms to enable more of China’s rural population to use the internet to improve their lives.
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