BEIJING, Oct. 10 (Xinhua) -- The State Development and Investment Corp. (SDIC), a major state-owned investment company, has invested more than 20 billion yuan (about 2.8 billion U.S. dollars) in the country's poor areas through two poverty-relief funds.
The two poverty alleviation funds, run by SDIC Chuangyi Industrial Fund Management Co., have invested in 119 projects so far, involving about 20.15 billion yuan and covering 27 provincial-level regions.
The funds have leveraged more than 200 billion yuan of social capital into poverty reduction, which will provide around 480,000 jobs directly or indirectly after the projects are put into production, said Wang Weidong, chairman and general manager of the SDIC subsidiary.
Established in 1995 under the direct management of the central government, the SDIC's main business includes domestic industrial investment, financial services and international business.
