China AgBank pledges more financial aid to Xinjiang development

GMT 22:39 2014 Saturday ,16 August

Arab Today, arab today China AgBank pledges more financial aid to Xinjiang development

The Agricultural Bank of China
Beijing - XINHUA

The Agricultural Bank of China, the country's third largest lender by assets, has unveiled a guideline specifying a string of preferential policies to support the development of northwest China's Xinjiang Uygur Autonomous Region.
In the ten-item guideline, the bank pledged to increase credit to the region, planning loans of 100 billion yuan (16.26 billion U.S. dollars) over the next five years.
More financial aid will be extended to build the Silk Road Economic Belt, support the transportation system to connect the region to a wider world, the lender said.
Other policies include supporting the textile industry and small enterprises to boost employment, improving services for social welfare and agricultural projects in the region.
Spurring development in Xinjiang to allow the ethnic groups there to share the fruits of China's growth has been high on the government agenda. China's top economic planning body has in June promised to implement a variety of support policies in employment, education and poverty reduction for the region.

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