China Development Bank ups support for spring farming

BEIJING - China Development Bank, a development financial institution, has set aside 20 billion yuan ($3.2 billion) in special loans to shore up this year's spring farming.

The loans will be used to facilitate agricultural production and help ensure the steady supply of important agricultural and sideline products, the bank said Tuesday.

Financial support will focus on the procurement, circulation and distribution of agricultural production materials, as well as the production and supply of grain, oil, vegetables, meat and other farm produce.

In 2020, the bank initiated special loans worth 10 billion yuan to help agricultural production firms in 27 provincial-level regions in China cope with COVID-19 and resume production. It strengthened support in the field last year by issuing 17.7 billion yuan of loans.

By the end of February 2022, 4.88 billion yuan of this year's special loans have been handed out, according to the bank.