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CDB extends loans to south-north vegetable transportation

(Xinhua)

14:09, March 10, 2012

BEIJING, March 9 (Xinhua) -- China Development Bank (CDB) said Friday that it will extend 50 billion yuan (7.93 billion U.S. dollars) of loans in support of the country's infrastructure to transport vegetables from the south to the north.

CDB has signed a memorandum with the southern Guangxi Zhuang autonomous region on supporting the region's role in ensuring sufficient vegetable supply for northern cities in winter and spring.

Chen Yuan, chair of CDB's board of directors, said the cooperation with Guangxi gives the bank an opportunity to make full use of its strength in medium- and long-term financing and to support the construction of a modernized distribution network for agricultural goods.

The central government in November 2011 announced the inclusion of Guangxi, Hainan and Yunnan in a pilot program for vegetable transportation to northern cities in winter in a bid to stabilize vegetable supply and prices.

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