BUSINESS China's policy bank issues 22.67B yuan in loans to aid spring farming

BUSINESS

China's policy bank issues 22.67B yuan in loans to aid spring farming

Xinhua

17:34, March 24, 2020

3e0afd4539724a9aab43096d70046060.jpg

File photo: CGTN

The Agricultural Development Bank of China (ADBC), an agricultural policy bank, has provided 22.67 billion yuan (about 3.19 billion U.S. dollars) in loans to support spring farming, the lender said on March 24.

Of the total, 6.92 billion yuan was lent to support agricultural means of production such as seeds, fertilizers, agricultural machinery, and agricultural science and technology, the ADBC said.

The ADBC has implemented preferential interest rates for enterprises engaged in spring plowing in major epidemic areas and prevented blind loan withdrawals, cut-offs or delays.

For enterprises seriously affected by the epidemic that have difficulties in repaying their debts when due, the lender can extend the loan period or renew the loans without demanding repayment of the principal to simplify procedures and ensure the timely use of funds in spring plowing, it said.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue