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China's rural policy bank provides over 10b yuan in funds for infrastructure

Xinhua | Updated: 2022-08-13 16:14

Aerial photo shows the Dateng Gorge water conservancy project in Guiping city, South China's Guangxi Zhuang autonomous region, Aug 9, 2022. Located in the city of Guiping, the project under construction is designed for multiple purposes including flood control, navigation, power generation and irrigation. [Photo/Xinhua]

BEIJING -- The Agricultural Development Bank of China (ADBC), a rural policy bank, extended 14.9 billion yuan (about $2.21 billion) in funds as of Friday to support infrastructure.

The fund, established on July 20, has been funneled to 68 projects, mainly in sectors such as water conservancy, water transport and cold-chain logistics, effectively ensuring the capital requirement of national major infrastructure.

The fund aims to support infrastructure related to transport, water conservancy and energy networks, industrial upgrading, urban and rural areas, as well as national security, said the bank.

Established in 1994, ADBC is the only agricultural policy bank in China under the direct leadership of the State Council, the country's cabinet.

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