ADB, CD Finance Sign 40 Mln USD Loan for Chinese Rural Development
China, April, 23 2021 -
The Asian Development Bank (ADB) and CD Finance Management Co., Ltd. (CD Finance), a Chinese rural microfinance service provider, signed a loan deal Friday in yuan equivalent to 40 million U.S. dollars to support China's rural development.
The loan will support farmers and micro-businesses in rural China through the loan service provided by CD Finance over the next five years, according to the deal.
"Accelerating access to rural finance, particularly for women, and bridging gaps in financial services are key to achieving sustainable rural development," said Ashok Lavasa, ADB's vice president.
At least 60 percent of the loan is targeted at women borrowers and is expected to benefit over 30,000 women, while a gender action plan will support financing and other services for women, including financial education and life-skills training.
"CD Finance is delighted to work with ADB to support rural vitalization, facilitate productive activities of rural households, and improve their livelihoods," said Liu Dongwen, CEO of the comprehensive rural service institution.