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ADBC Granted RMB 22.6 Billion Loans to Support the Spring Farming and the Related Preparation
2020-03-20

Since the outbreak of COVID-19 epidemic, Agricultural Development Bank of China (ADBC) has arranged credit funds timely to fully support the spring farming to ensure the national food security and the supply of important agricultural products. Up to now, RMB 22.67 billion loans were extended for the spring farming and the related preparations this year. Of which, RMB 7.15 billion loans were for the reserve of 3.34 million tons of fertilizer by the national and provincial fertilizer enterprises, RMB 6.92 billion loans were for the agricultural technology and agricultural inputs (seeds, fertilizers, agricultural machinery and others), and RMB 8.6 billion loans were for high-standard farmland construction, rural land circulation and large-scale operation.

Focus on key areas. After the outbreak of the epidemic, ADBC issued a notice timely to require the head office and all branches to support key areas such as the agricultural inputs, agricultural machinery, agricultural facility, high-standard farmland construction, land circulation, and strive to promote agricultural quality and efficiency. At the same time, ADBC raised funds through bond issuance and other measures to ensure the supply of funds to support the spring farming.

Highlight important entities. To ensure a stable grain output, ADBC guided all branches to actively communicate with key agricultural inputs enterprises, leading enterprises, agricultural socialized service organizations, and farmer cooperatives to ensure the supply of spring farming materials and services; enhanced support for various grain purchasing, reserving and processing enterprises; accelerated the sale of grains to enable farmers to invest in the spring farming timely.

Optimize financial services. In response to the impact of the epidemic, ADBC formulated differentiated policies, provided preferential interest rate policies for the spring farming enterprises in major epidemic-hit areas; continued to finance the enterprises which met temporary difficulties but had development potentials; deferred loan repayment or renewed the loan without principal repayment for enterprises which were seriously affected by the epidemic and had difficulties to repay the loan at maturity, in compliance with the regulations; opened up a "green channel", simplifying the loan procedures to guarantee the funds of the spring farming.

In the future, ADBC will endeavor to meet agricultural season demands, fully serve the spring farming and the related preparation, and provide sufficient funds for the summer grain harvest and the supply of important agricultural products.



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