Business

Editor: zoeyzhangy
18 Nov 2008 13:22:11 GMT

Nov. 18, 2008 (China Knowledge) – Agricultural Bank of China (ABC), one of the country’s Big Four state-owned banks, plans to add RMB 50 billion worth of loans to its current RMB 360 billion credit quota by the end of this year, the official Xinhua News reported.

According to Xiang Junbo, president of ABC, the newly added loans will be used to support major agriculture-related projects, after-quake reconstruction, development of small and medium enterprises (SMEs), infrastructure construction in the rural areas and mortgage loans for housing and cars, etc.

Earlier this month, in response to the Chinese government’s RMB 4-trillion-plan, China Development Bank, China Construction Bank (CCB)<601939><939> and Agricultural Development Bank of China (ADBC) have announced their plans to add RMB 40 billion, RMB 50 billion and RMB 55 billion worth of loans respectively by the end of this year.