LHASA, Nov. 29 (Xinhua) -- The 11th Panchen Lama, Bainqen Erdini Qoigyijabu, has been elected chairman of Tibet Development Fund, a non-governmental, non-profit organization.

Panchen Lama said he will work hard to help develop Tibet and lift its people out of poverty, after he was elected to the post in a meeting of the fund's directors Saturday.

The Tibet Development Fund, set up in 1987, has raised 106 million yuan (about 16.58 million U.S. dollars) for 387 projects in Tibet since 2006.

Deng Xiaogang, executive vice chairman of the Tibet Autonomous Regional government, said the fund is expected to play an even greater role in promoting social and economic development in Tibet under the leadership of the 11th Panchen Lama.

The fund had been chaired by the 10th Panchen Lama and Ngapoi Ngawang Jigme.