One of China’s three main policy banks has extended at least USD$20 billion in loans in support of poverty alleviation efforts since the start of 2019.
China Development Bank (CDB) has issued 142.9 billion yuan (approx. $20 billion) in poverty relief loans during the first eight months of 2019 according to a report from state-owned media.
CDB plans to accelerate its lending towards poverty relief efforts in 2019, given that it’s set a full year target is 300 billion yuan.
As of the end of August CDB’s total outstanding loans for poverty alleviation stood at 1.17 trillion yuan.
Over half of the total poverty relief loans provided by the Chinese banking sector were made by development and policy banks as of the end of the first half of 2019, according to data from the China Banking and Insurance Regulatory Commission (CBIRC).