ADBC loans 26.4 bln yuan for cotton purchase
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Xinhua, October 24, 2011
The Agricultural Development Bank of China (ADBC) had granted 26.4 billion yuan (4.1 billion U.S. dollars) in loans for purchasing cotton by Oct. 10, the bank said in a statement posted on its website Monday.
The loans were up 15 billion yuan from those granted during the same period last year, as companies involved in cotton purchases suffered a capital crunch this year, the statement said.
The ADBC was established in April 1994 by the State Council to improve rural financial services and implement the country's agricultural policies. One of its major roles is to provide loans for the purchase, reserve and distribution of cotton and other agricultural products.
China started the cotton purchase and reserve program for 2011 on Sept. 8 after market prices fell below the protective price for five straight working days.
The ADBC offered 38.79 billion yuan in loans for purchasing cotton last year, according to the bank's 2010 annual report.
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