Agricultural Development Bank of China Issues over 50 Billion Yuan in Coronavirus Emergency Loans

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One of China’s big three policy banks has provided over 50 billion yuan in emergency loans to help deal with the impacts of the novel coronavirus.

The Agricultural Development Bank of China (ADBC) extended coronavirus-related loans to 1773 enterprises during the period from 26 January to 12 March, approving a total of 71.5 billion yuan in loans during the period and actually issuing a total of 50.1 billion yuan in funds.

As of 12 March ADBC had provided 15 billion yuan in loans to key national enterprises, fulfilling its quota for the initial round of special re-loan funds.

These funds included support for 29 enterprises to produce or procure 655 million face masks; 26 enterprises to produce or procure 160,000 tonnes of liquid disinfectant, 106 enterprises to produce or procure 1.99 million tonnes of processed grain, and 33 enterprises to produce and supply 30,000 tonnes of meat.

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