IFC partners with New Hope Liuhe

International Finance Corp, a member of the World Bank Group, is providing a long-term financing package of $60 million to support the expansion plan of the Singapore subsidiary of leading Chinese agribusiness company New Hope Liuhe Co.

Officials said the deal will boost the company's investment in agriculture and food businesses across 10 countries in South and Southeast Asia, and create hundreds of new jobs in some of the region's most needy markets.

Karin Finkelston, IFC's vice-president for global partnerships, said the project is expected to create at least 1,500 new jobs and help improve the productivity of around 50,000 farmers in the region.