Alibaba has committed RMB10bn (US$1.5bn) over the next five years to help alleviate poverty in China with the establishment of a charity fund.
The Alibaba Poverty Relief Fund aims to help improve the livelihood of China’s poor with a focus on education, entrepreneurship, empowering women and environmental protection.
The investment will come from Alibaba employees and its 36 partners with additional support from the Alibaba Foundation, a charity established in 2011 that takes in 0.3% of Alibaba’s annual revenue to support social responsibility initiatives.
Poverty alleviation work will also be a key focus of Alibaba Foundation for the next five years.
Alibaba will also offer technology and expertise from its ecommerce, logistics, payment and financial service platforms to help China’s rural population use the power of the internet to improve their lives.
The fund will be led by four Alibaba executives, who will each serve as vice chairs, including executive vice chairman Joe Tsai, chief executive officer Daniel Zhang and Alibaba partners Lucy Peng and Eric Jing, under president Shao Xiaofeng.