LENDING & CREDIT | Tony Chua, China

China's Agricultural Bank's rural micro-credit loans expand rapidly

Lender achieved 23% micro-credit growth to $12.2bln from $9.93bln to help 15mln farmers.

Agricultural Bank of China (ABC) loaned 82.9 billion yuan ($12.2 billion) in micro-credit to Chinese farmers in the first three months of the year, compared with 67.3 billion yuan ($9.93 billion) in the whole of 2009.

Starting in April 2008, ABC's micro-credit business, which makes loans of 3,000 ($442.5)to 50,000 yuan ($7,375)in size, has helped 15 million farmers across the country, Lu Chuan, an ABC official told Xinhua Saturday.

Farmer Bu Nianhua, a grape grower, is happy these days. On his 8.5-acre grape farm he has seven breeds of grape. They all ripen at different times, between July and November and he earns an annual income of 200,000 yuan ($29,502).

But thanks to a 30,000 yuan ($4,425) micro-credit loan from the local ABC branch at the end of 2009, Bu has planted a new high-yield grape breed - Minicure Finger. The half acre of Minicure Finger grapes alone will bring him 75,000 yuan ($11,063) in income this year.

View the full story in Xinhua.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.