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Agricultural Bank of China's micro-credit loan program in rural areas expands rapidly

07-18-2010 17:26 BJT

BEIJING, July 18 (Xinhua) -- Agricultural Bank of China (ABC) loaned 82.9 billion yuan (12.2 billion U.S. dollars) in micro-credit to Chinese farmers in the first three months of the year, compared with 67.3 billion yuan in the whole of 2009.

Starting in April 2008, ABC's micro-credit business, which makes loans of 3,000 to 50,000 yuan in size, has helped 15 million farmers across the country, Lu Chuan, an ABC official told Xinhua Saturday.

Farmer Bu Nianhua, a grape grower, is happy these days. On his 8.5-acre grape farm he has seven breeds of grape. They all ripen at different times, between July and November and he earns an annual income of 200,000 yuan.

But thanks to a 30,000 yuan micro-credit loan from the local ABC branch at the end of 2009, Bu has planted a new high-yield grape breed - Minicure Finger. The half acre of Minicure Finger grapes alone will bring him 75,000 yuan in income this year.

In a break with the past, Bu's loan was guaranteed by two other farmers, instead of by enterprises.

"Like Bu, many other farmers have received financial support from ABC through an innovative credit guarantee system," said Lu.

Xia Naijiu, a farmer raising chickens in Jiangduo Town, Liugang Village, Taizhou City, in east China's Jiangsu Province, has also taken an ABC micro-credit loan.

Xia borrowed 50,000 yuan from his local ABC branch in January this year, which enabled him to buy enough chicken feed for his 20,000 egg-laying chickens.

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