Beijing Grain obtains three-year credit line for grain project

Beijing Rural Commercial Bank and Beijing Grain Group has signed an agreement for RMB 5 billion (US$0.73 billion) to fund the development of a ''Quality-Assured Grain and Oil Project''.

The bank's agreement with Beijing Grain covers liquidity loans, medium-long term loans, bank acceptance and real estate development loans. The bank promises to provide a favourable interest rate within the limits of the central bank's regulations. It will be 5% lower than the benchmark interest rate of the central bank, according to Beijing Grain.

The company will carry out the Quality-Assured Grain and Oil Project with the active support of the financial institution. The credit will mainly go towards grain purchases, storage and processing as well as the construction of a production and sales base.