Latest News:  
Beijing   Sunny    21 / 12 ℃  City Forecast

English>>China Business

CDB in record-breaking loan for poverty relief


08:07, October 18, 2012

BEIJING, Oct. 17 (Xinhua) -- China Development Bank (CDB) on Wednesday inked a cooperative agreement on micro credit with the China Foundation for Poverty Alleviation (CFPA), promising to offer 1 billion yuan in loans to assist the foundation's poverty-relief efforts.

It marks the largest micro-finance loan offered by Chinese banking institutions to date, according to comments made at the signing ceremony.

The cooperation, which will greatly ease the foundation's financing difficulties for micro-credit projects, is expected to help more than 150,000 farmers get out of poverty each year, according to Duan Yingbi, president of the CFPA.

As the country's first bank to grant wholesale loans to the CFPA starting 2006, the CDB has provided 310 million yuan (49.2 million U.S. dollars) in loans to the CFPA's micro-credit poverty-relief projects, said CDB president Zheng Zhijie.

The CFPA has provided 3.3 billion yuan in micro loans to more than 1.5 million impoverished members of China's population as of September this year, its data showed.

The CDB is one of three Chinese "policy" banks, or banks that have been designated by the government to support the country's medium- and long-term development strategies and policies.

News we recommend:
House prices nudge upward in September Islands dispute benefits carmakers' competitors Sany's bid to usurp Caterpillar
Falsely labeled crabs upset the market A Boon to the Economy 'Right time' for London to build RMB business
Beijing offices still hot properties  The consuming challenge of food safety The dawn of a new growth era


Leave your comment0 comments

  1. Name


Selections for you

  1. 'Gangnam Style' dances ease pressure

  2. Fighters conduct training

  3. Unforgettable moments you can't miss in Oct.

  4. Exhibition marking 60th anniversary of NUAA

  5. Crazy BMW car plunges into river

  6. Sany's bid to usurp Caterpillar

  7. Asia's 1st rare Leica camera auction announced

  8. Actresses of Legend of Zhen Huan

Most Popular


  1. 2nd US debate sees candidates flex China muscle
  2. Abe's visit to shrine to dent China-Japan ties
  3. China, Japan and S. Korea must eye the best
  4. Editorial: Addressing the wealth gap
  5. 'Do the right things' for the economy
  6. Obama outperforms Romney in 2nd debate
  7. Commentary: Japan's propaganda war on Diaoyu
  8. To Put political label on Chinese investors unfair
  9. Tokyo's war crime recognition crucial
  10. China bashing: Shame on American politics

What’s happening in China

Beijing's first govt shelter for abuse

  1. China establishes fire-protection engineer system
  2. Self-made caricaturist draws life of migrants
  3. Most overseas returnees pick jobs at private firms
  4. Beijing's biggest transport hub gears up for action
  5. Cops blamed for death as crowds riot