WASHINGTON—The World Bank on Dec. 5 adopted a plan to aid China with $1 billion to $1.5 billion in low-interest loans annually through June 2025, despite the objections of U.S. Treasury Secretary Steven Mnuchin.
Mnuchin told a House Financial Services Committee hearing that the Treasury’s representative on the bank’s board had objected to the plan on Wednesday, adding he wanted the World Bank to “graduate” China from its concessional loan programs for low- and middle-income countries.
