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Policy bank takes initiative on poverty

The Agricultural Development Bank of China, a major policy bank, plans to lend 1.3 trillion yuan ($188 billion) by the end of 2020 for key agricultural projects and to industries that help with poverty reduction. Bao Jianan, vice-president of the bank, told a meeting on poverty reduction on Tuesday that loans will be available for major agricultural producers and certain industries. To eradicate poverty by 2020, China must lift an estimated 10 million people out of poverty every year by developing industry and through other measures. The ADBC has stipulated that poverty reduction loans should be no less than 60 percent of its total loan book. By the end of 2016, outstanding loans totaled 901 billion yuan. Established in 1994, the ADBC is responsible for funding projects related to growth and agriculture.

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