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IFC offers rural support in deals
Source: Xinhua |
September 15, 2010, Wednesday
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Print Edition
Print Edition
INTERNATIONAL Finance Corp, a member of the World Bank Group, signed two investment deals yesterday to promote rural development in China.
Under them, IFC would invest 11 million yuan (US$1.63 million) 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 earthquake on May 12, 2008.
IFC would also provide a credit line of US$2 million to Binhai Rural Commercial Bank in Tianjin 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.
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