Chinese School - Agricultural bank lures $20b to aid rural growth

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BIZCHINA / Center

Agricultural bank lures $20b to aid rural growth

By Tu Lei (chinadaily.com.cn)
Updated: 2007-07-13 10:33

The Agricultural Development Bank of China announced that it made a big
harvest in supporting grains and cotton purchase and expanding funds for
rural development in the first half of this year, according to today's
People Daily.

Figures from the State-owned bank show that it attracted a total of
148.96 billion yuan (US$19.68 billion) in funds from January to June, up
98.8 billion yuan or 66 percent year on year. The bank said the funds,
raised via issuing financial bonds and diversifying deposits, will be
used to support farmers, rural areas, and agricultural production
throughout China.

In the past six months, the bank loaned 101.75 billion yuan for grains
and cotton purchase and storage, up 15.77 billion yuan year on year.

This year, the bank was approved to grant loans to aid rural
infrastructure construction. It altogether issued 48.84 billion yuan
worth of loans to support the development of a new countryside, up 39.35
billion yuan year on year.

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