China's policy bank issues 22.67B yuan in loans to aid spring farming

0 Comment(s)Print E-mail Xinhua, March 24, 2020
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The Agricultural Development Bank of China (ADBC), an agricultural policy bank, has provided 22.67 billion yuan (about 3.19 billion U.S. dollars) in loans to support spring farming, the lender said on March 24.

Of the total, 6.92 billion yuan was lent to support agricultural means of production such as seeds, fertilizers, agricultural machinery, and agricultural science and technology, the ADBC said.

The ADBC has implemented preferential interest rates for enterprises engaged in spring plowing in major epidemic areas and prevented blind loan withdrawals, cut-offs or delays.

For enterprises seriously affected by the epidemic that have difficulties in repaying their debts when due, the lender can extend the loan period or renew the loans without demanding repayment of the principal to simplify procedures and ensure the timely use of funds in spring plowing, it said.

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