World Bank's IFC signs investment agreements to promote rural development in China

International Finance Corporation (IFC), a member of the World Bank Group, signed two investment agreements on Tuesday to promote rural development in China.

Under the agreement, IFC would invest 11 million yuan (1.63 million U.S. dollars) in Beichuan Fumin Rural Bank and provide technical assistance in southwest China's Sichuan Province to support the reconstruction of Beichuan, one of the towns hardest hit by the catastrophic Wenchuan earthquake on May 12, 2008.

IFC would also provide a credit line of 2 million U.S. dollars to Binhai Rural Commercial Bank in Tianjin Municipality to bolster financial services for local small and medium-sized businesses.

Rashad Kaldany, Vice President of IFC, said the corporation was committed to working with its Chinese partners to strengthen the policy and regulatory environment, as well as financial infrastructure, to promote the development of China's rural financial market.

IFC is the largest global development institution focused on the private sector in developing countries. In its 2010 fiscal year, the company's new investments climbed to a record 18 billion U.S. dollars.

Source: Xinhua