Money

ABC to support big agricultural firms

(Xinhua)
Updated: 2010-04-15 11:54
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BEIJING - Agricultural Bank of China (ABC), a leading Chinese lender, said Wednesday it had signed an agreement with the Ministry of Agriculture (MOA) to provide credit support for leading agricultural firms.

Under the agreement, ABC would extend a credit line of intent worth 120 billion yuan ($17.58 billion) to large-sized enterprises in the agricultural sector and model areas for industrializing the agricultural sector.

ABC and MOA were confirmed as key strategic partners.

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The agreement was designed to ease financing difficulties faced by major agricultural firms and push them to make more scientific and technologic innovations, said ABC chairman Xiang Junbo.

Minister of Agriculture Han Changfu urged government at all levels to recommend good programs in a timely fashion for agricultural development and cooperate with ABC in financing and management.

By the end of 2009, ABC had provided financial services to 598 large-sized agricultural enterprises, accounting 67 percent of the country's total.

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