Business

Editor: Zoe Zhang
17 Nov 2008 10:14:27 GMT

Nov. 17, 2008 (China Knowledge) – Agricultural Development Bank of China (ADBC), one of the three policy banks in China, will add RMB 55 billion worth of loans by the end of this year in a bid to boost the domestic demand, sources reported.

RMB 35 billion worth of loans will be used to ensure the country’s procurement of grain and cooking oil; RMB 14 billion will be used for the infrastructure projects in rural areas, such as methane fuel, drinking water, road construction, power grid and reservoir consolidation, etc. The remaining RMB 6 billion will be used as loans for leading industrial enterprises and state-level fertilizer reserve.

Last week, Agricultural Development Bank of China (ADBC) announced that it will issue RMB 12 billion worth of seven-year fixed-rate financial bonds this Tuesday, according to China Knowledge’s earlier report.

Earlier this month, China Development Bank and China Construction Bank (CCB)<601939><939> announced plans to add RMB 40 billion and RMB 50 billion worth of loans respectively by the end of this year, sources reported.