Abstract : The China Development Bank (CDB), one of the country's policy banks, has pledged to set up a special loan program worth 20 billion yuan (about 3.1 billion U.S. dollars) to support spring plowing.
BEIJING, March 3 (Xinhua) — The China Development Bank (CDB), one of the country’s policy banks, has pledged to set up a special loan program worth 20 billion yuan (about 3.1 billion U.S. dollars) to support spring plowing.
The loan will be used to ensure the supply of important farm produce and sideline products as well as facilitate spring production, according to the CDB.
Financial support will focus on the production and circulation of farm produce including grain and oil, vegetables, meat, eggs, milk and aquatic products as well as the procurement, production, circulation and distribution of means of production such as seed, chemical fertilizer, pesticide and feed.
Last year, the bank rolled out a special loan of 10 billion yuan for spring plowing for the first time covering 27 provincial-level regions nationwide, which promoted the work resumption of agricultural production firms. Enditem
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Source: China Development Bank to offer 20 bln yuan in loans for spring farming