Arab Today, arab today policy bank lends more to agriculture
Last Updated : GMT 21:46:51
Arab Today, arab today
Arab Today, arab today

Policy bank lends more to agriculture

Arab Today, arab today

Arab Today, arab today Policy bank lends more to agriculture

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Beijing - XINHUA

The Agricultural Development Bank of China (ADBC) provided more financial support to China's agriculture and rural development in the first quarter.

The major policy bank poured in 380.5 billion yuan (58.5 billion U.S. dollars) to support agriculture, rural areas and farmers in the first quarter, double the amount in same period last year, it said.

The ADBC loaned 251.57 billion yuan to support infrastructure construction in rural areas, including 26.16 billion yuan for renovation of shanty towns, 49.21 billion yuan for water conservancy projects and 38.37 billion yuan for road construction.

The surge in lending comes amid a government campaign to develop modern agriculture and increase farmers' income.

The bank's yuan-denominated outstanding loans stood at 3.74 trillion yuan at the end of March, up 23.8 percent year on year.
Source: XINHUA

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