The Agricultural Development Bank of China has flagged ambitious plans to expand its provision of credit to ocean-related economic activities.
The two parties executed the “State Oceanic Administration and Agricultural Development Bank of China Strategic Cooperative Agreement on Expediting the Development of the Oceanic Economy” in Beijing at an official forum discussion.
According to state media the agreement marks a “new era” for ABDC and the policy-driven financing of efforts to expedite oceanic economic development.
The agreement outlines the provision of a total of 100 billion yuan in financial support to maritime economic activities during the period coinciding with the 13th Five Year Plan, with both parties collaborating in the areas financing consultation, ocean economy development demonstration areas, public service platforms, risk compensation mechanisms.
