Alibaba sets up poverty relief fund

Alibaba Group Executive Chairman Jack Ma is establishing the RMB10 billion ($1.5 billion) Alibaba Poverty Relief Fund, which will focus on combating poverty in rural China over the next five years.

Contributions to the fund will come from the e-commerce giant’s 36 partners, its employees and the Alibaba Foundation, a charity established in 2011 that takes in 0.3% of the company’s annual revenue to support social responsibility initiatives. 

“We believe the end of poverty is a goal that can be achieved and our fund embodies our long-standing commitment to give back to society,” says Ma. A work report will be published every six months and 30 independent observers engaged to oversee the money allocation.