Standard Chartered and China Foundation for Poverty Alleviation Sign Loan and Co...

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Jan 2008
United Kingdom, January, 18 2008 - Standard Chartered Bank (China) Limited today signed loan and co-operation agreements with China Foundation for Poverty Alleviation (CFPA) in the Great Hall of the People, witnessed by Premier Wen Jiabao of the People's Republic of China and British Prime Minister Gordon Brown. This is the first time an international bank will provide credit loan facilities to an organisation dedicated to Microfinance projects in China.

According to the agreement, Standard Chartered will provide the initial amount of RMB20 million as credit loan facility to CFPA, who will finance the Microfinance projects aiming to provide financial support to farmers and owners of micro-enterprises in ten counties of seven provinces in China, most of which are nationally designated as "poor counties" by the Government.

Standard Chartered and CFPA will also establish a strategic partnership to cooperate on best practices sharing and technical issues. Under this agreement, Standard Chartered will bring to CFPA its global expertise in wholesale rural finance, while CFPA will share its domestic retail Microfinance execution experience to assist Standard Chartered in launching rural finance related business in China.



 

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