UPDATE 1-Trump calls for World Bank to stop loaning to ChinaReuters | Washington DC | Updated: 07-12-2019 06:31 IST | Created: 07-12-2019 06:28 IST
The World Bank on Thursday adopted a plan to aid China with $1 billion to $1.5 billion in low-interest loans annually through June 2025. The plan calls for lending to "gradually decline" from the previous five-year average of $1.8 billion. "Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don't, they create it. STOP!" Trump wrote in a post on Twitter.
Spokespeople for the White House and the World Bank did not immediately respond to requests for comment. The World Bank loaned China $1.3 billion in the fiscal 2019 year, which ended on June 30, a decrease from around $2.4 billion in fiscal 2017.