June 25, 2008

ABDC announces partnership with COFCO

The Agricultural Development Bank of China (ADBC), one of the three policy banks in the nation, signed a strategic cooperation agreement with China National Cereals, Oils & Foodstuffs Import & Export Corporation (COFCO) in Beijing on June 16, 2008.

COFCO chairman Ning Gaoning said the policy bank has been supporting the food manufacturing giant in trade and processing of grains and oil, which contributes much for the guarantee of a steady food supply in the nation.

Through policy credit, the bank helps the state-owned food manufacturer take advantages of its wide purchase and sales network.

The agreement will boost the industrialization of grain and oil industry in China, COFCO said.

COFCO is the largest oils and food importer and exporter in China.