Fund will assist engineering students throughout China
Beijing, China, May 28, 2005 - ABB, the leading power and automation technology group, today donated $100,000 to help students from impoverished families finance their college education.
"Education is the pre-requisite for social development, and the key for generating creativity," said Peter Leupp, chairman and president of ABB in China. "China needs knowledgeable people to support its fast development, and the university students from poverty families expect to get rid of poverty by receiving good education."
As the world leader in power and automation technologies, ABB has a deep understanding of the importance of knowledge, technology and creativity. And being a responsible Chinese corporate citizen, ABB expects its effort in supporting education will get an echo from more international companies, because the young people who need our support today will be among those supporting the future of China and also our own development, Leupp said.
ABB’s donation will help support some 400 electrical engineering students during the course of their university studies. The money was donated by ABB to the New Great Wall Project, part of the China Foundation for Poverty Alleviation, China’s non-government, anti-poverty organization. The foundation started the project in 2002 to help students from poor backgrounds finance their university studies. China has 13 million university students, of whom almost a third are living in conditions of need or extreme poverty.
In the first two years the project has helped more than 4,000 students, each of whom receives RMB 2,000 a year for the duration of their studies.
Today’s donation comes from the proceeds of an ABB Group photography competition. Entrants were asked to submit a photo that illustrates one or all of ABB’s three business principles – Responsibility, Respect and Determination.
"As one of the most admired employers in China, ABB takes sustainability a key component of its business," said Han Yu, head of Human Resources and sustainability affairs in China. "The efforts demonstrate our support to social progress in China. The fund is intended to help the needy students focus on their studies."
In March ABB awarded five scholarships to Chinese researchers.
ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering their environmental impact. The ABB Group of companies operates in around 100 countries and employs about 102,000 people. ABB in China (www.abb.com.cn) employs around 8,000 people in 30 major cities.