World Bank loans to finance elderly care in Guizhou

The World Bank has approved a 350-million-U.S.-dollar loan to support elderly care in China's southwestern Guizhou province.

The bank's board of executive directors has approved the loans to a program of developing a comprehensive policy and institutional framework for elderly care in Guizhou.

It aims to increase equitable access to a basic package of care services for the elderly and to strengthen the quality of services and the efficiency of the aged care system in the province.

"The program will form part of a larger World Bank-financed engagement to support China in the aged care sector reform and help strengthen its institutional systems and capacities," said Martin Raiser, World Bank country director for China.

The program will be co-financed by a loan of 100 million euros (about 113 million U.S. dollars) from the Agence Francaise de Development and nearly 2 billion dollars from local governments.