$450 bil­lion ap­proved to mod­ern­ize agri­cul­ture

China Daily (Canada) - - NEWS CAPSULE -

The Agri­cul­tural De­vel­op­ment Bank of China, one of the coun­try's main pol­icy lenders, agreed to loan at least $450 bil­lion by 2020 for the mod­ern­iza­tion of China's agri­cul­ture in­dus­try, state me­dia said.

The Min­istry of Agri­cul­ture and the bank, which lends in line with gov­ern­ment pol­icy, signed an agree­ment to pro­tect na­tional food se­cu­rity, sup­port the sec­tor do­ing busi­ness over­seas and de­velop China's seed in­dus­try, ac­cord­ing to Xin­hua news agency.

It was not im­me­di­ately clear whether this com­mit­ment is sep­a­rate from the bank's plan an­nounced in May to lend 3 tril­lion yuan for poverty re­duc­tion via agri­cul­tural in­vest­ments.

The Agri­cul­tural De­vel­op­ment Bank of China will be re­spon­si­ble for manag­ing fi­nan­cial ser­vices, in­clud­ing of­fer­ing fi­nan­cial prod­ucts and set­ting in­ter­est rates, said Xin­hua.

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