Agricultural Development Bank of China will provide 50 billion yuan in loans to support Xinjiang cotton acquisition
In order to effectively stabilize cotton market expectations, purchase and sale prices, and safeguard the interests of cotton farmers, the Xinjiang Branch of the Agricultural Development Bank of China will issue cotton purchase loans of approximately 50 billion yuan this autumn to support companies in purchasing more than 3 million tons of cotton. It plans to invest 8 billion yuan before the National Day.
As a policy bank, the Xinjiang Branch of the Agricultural Development Bank of China has always played a major role in financial assistance to farmers in the granting of cotton purchase loans, and the market share of cotton supported by the purchase has remained above 60% for many years.
It is understood that the Xinjiang Branch of the Agricultural Development Bank of China has identified a total of 149 companies that are qualified for cotton purchase loans in 2021, covering every major cotton-producing county (city). At present, the rating and credit granting work has been basically completed, and the loan credit approval process will be completed in September. This year, the Xinjiang Branch of the Agricultural Development Bank of China will implement preferential policies in terms of comprehensive guarantee rates and interest rates, open a green channel for loans to enterprises supporting southern Xinjiang, and implement priority loan review.
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