China Development Bank steps up financial support for poverty relief

BEIJING - The China Development Bank (CDB), one of the country's policy banks, has stepped up financial support for poverty alleviation resettlement programs as the country aims to achieve its goal of eliminating absolute poverty this year.

The CDB is expected to complete its annual loan issuance plan for the relocation programs in advance at the end of the third quarter of the year, it said in a statement on its website.

The bank extended a total of 2.7 billion yuan (about $381 million) in loans in the first quarter in support of 30 poverty alleviation relocation programs. This added to the total to 23.9 billion yuan which supports relocation programs in 92 counties and has benefited some 300,000 relocated people so far.

It vowed to extend the loans at concessional rates to projects that facilitate the development of resettlement areas while strengthening management and supervision over these projects after loan issuance.

Founded in 1994, the CDB is designed to provide finance to major national projects and development strategies.