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The Agricultural Development Bank of China (ADBC) will provide loans to small agro-firms all over the country next year following the success of its pilot scheme.

 

In a move to modernize China's rural areas, ADBC was given the nod to grant loans to small agro-firms in March this year in what was described as a "breakthrough" for the policy bank whose loans mostly go to large government-designated agricultural and rural projects.

 

"The pilot business conducted by the ADBC's Shandong, Jiangxi, Fujian and Chongqing branches have proven to be a success after eight months," said the bank in a statement.

 

Between March and November, these branches issued 960 million yuan (US$123 million) of loans to 152 projects, covering fruit, poultry, aquatic products, forestry, tea, flower, honey and herbal medicine. These projects are estimated to have created 28,000 jobs and an economic output of 2.5 billion yuan (US$156 million).

 

ADBC said the loan interest payments had been paid in full so far.

 

The bank forecasts a 30-billion-yuan (US$3.85 billion) loan demand from small agro-firms next year.

 

ADBC said it had made applications to the state banking watchdog and made detailed preparations to offer loans in all its branches next year.

 

China set up ADBC and two other policy banks - China Development Bank and The Export-Import Bank of China - in 1994 as key channels of policy financing, a move that enabled the other Big Four state banks to be solely devoted to commercial business.

 

(Xinhua News Agency December 18, 2006)