Society

1st microcredit institution established in Tibet

(Xinhua)
Updated: 2010-04-11 21:38
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LHASA - Tibet Yurong Microcredit Company, the first microcredit institution in southwest China's Tibet Autonomous Region, was established here on Sunday.

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With a registered capital of 50 million yuan ($7.33 million), the company was set up with full funding from private investors, according to the company.

Targeting small and medium-sized enterprises and farmers and herdsmen, the company said it would focus on loans that were conducive to improving the livelihood of the poverty-stricken people.

By the end of 2009, China had 1,334 microcredit institutions which had extended a total of 70 billion yuan, accounting for 0.19 percent of the total loans extended by Chinese banking sector, according to the People's Bank of China, the central bank.
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