ABC Provides Wholesaling Fund to CICETE’s MFIs

Division III     2010-01-21 13:41:11

Agriculture Bank of China (ABC) agrees to provide wholesaling fund to 4 NGO microfinance institutes in rural areas of China. The signing ceremony for the agreement was held in Beijing on Jan. 20, 2010. It’s the first time in China for a commercial bank to provide loan fund for grassroots MFIs.

Mr. Hua Jianmin, the Vice-chairman of the Standing Committee of the National People’s Congress said on the ceremony: “Through the cooperation, ABC will provide microfinance to the poor farmers through the MFIs. This will help the farmers start entrepreneurship and get rid of poverty. The cooperation has great practical significance and serve as the operational model.

Mr. Yao Shenhong, Director General of CICETE also made speech at the ceremony on behalf of MOFCOM. He introduced the achievement of microfinance project managed by MOFCOM and appealing funding and regulation support to microfinance.

The 4 MFIs are Poverty Alleviation Cooperative in Yinxian County of Hebei Province, Poverty Alleviation Cooperative in Nanzhao County of Henan Province, Rural Development Association in Xingren County of Guizhou Province and the Rural Development Association in Tongren County of Qinghai Province, They are the members of China Association of Microfinance (CAM). They are under the management of RDI of China Academy of Social Science and CICETE of the Ministry of Commerce.