December 29, 2009

China's Shanghai obtains funds to develop urban agriculture

The Shanghai branch of Agricultural Bank of China (ABC) and Shanghai Agriculture Committee have signed an agreement for RM10 billion (US$1.46 billion) to develop urban agriculture.

The three-year credit line will meet the financing needs of Shanghai's leading agricultural enterprises, agriculture-related SMEs, rural products liquidity markets and farmers' specialised cooperative organisations, as well as promoting the construction of rural infrastructure.
 

According to a memorandum of cooperation signed by the Shanghai municipal government and ABC in April this year, ABC will offer at least RMB150 billion (US$21.96 billion) in credit to Shanghai to support qualified borrowers.