Policy bank to lend US$458b to ease poverty
Print Edition
AGRICULTURAL Development Bank of China, one of the country’s main policy lenders, plans to extend 3 trillion yuan (US$458.3 billion) worth of loans through 2020 as part of the government’s efforts to reduce poverty, state media reported yesterday.
The bank will lend about 1.1 trillion yuan to support construction of infrastructure in rural areas, while a further 1 trillion yuan will be made available for grain and crop production industries, the official People’s Daily reported.
Relocation of people below the poverty line, tourism, environment and education are among other areas to which the bank will lend as part of the poverty-reduction effort, state media agency Xinhua reported on Saturday, citing the bank’s chairman Xie Xuezhi.
In October, the government said it aims to lift all its 70 million poor above the poverty line by 2020. In March, Premier Li Keqiang promised 43 percent more funding for poverty-relief programs.
Since 1978, more than 800 million Chinese have been lifted out of poverty, according to World Bank figures.
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