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China policy bank lends more for poverty reduction

Updated: Jun 7,2017 9:18 AM     Xinhua

BEIJING — The Agricultural Development Bank of China (ADBC), the country’s major policy bank, plans to lend 1.3 trillion yuan ($188 billion) by the end of 2020, for key agricultural projects and to industries that help with poverty reduction.

Bao Jianan, vice-president of the bank, told a meeting on poverty reduction on June 6 that the loans will be available for major agricultural producers and specialty industries.

To eradicate poverty by 2020, China must lift 10 million people out of poverty every year through developing industry, transfer of employment, relocation and social security coverage.

The ADBC has stipulated that poverty reduction loans should be no less than 60 percent of its total credit. By the end of 2016, outstanding loans totaled 901 billion yuan.

Established in 1994, the ADBC is responsible for funding projects related to growth and agriculture.