ADBC bank, COFCO plan to set up grain security fund
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Xinhua, August 28, 2011
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The Agricultural Development Bank of China (ADBC) and COFCO, the country's largest grain and oil dealer, have announced they will jointly launch a grain security fund for equity investment in grain-related projects "when the time is appropriate."
According to a cooperation agreement with COFCO, ADBC has granted COFCO a comprehensive credit line totaling 30 billion yuan (4.7 billion U.S. dollars).
ADBC agreed to increase its special credit line to COFCO's financing demands for fixed asset investment upon examination.
Some subsidiary companies controlled by COFCO will also enjoy ADBC's prime rates for their loans, according to the agreement.
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