Agricultural Development Bank of China’s Xinjiang Branch Sales Department provides RMB 6.5 billion to support the purchase of cotton in Xinjiang
As the National Day is approaching, Xinjiang cotton is being picked one after another.
As the only window unit of the Xinjiang Branch of the Agricultural Development Bank of China facing the capital city of Urumqi, the Business Department of the Xinjiang Branch of the Agricultural Development Bank of China, based on its resource endowment, gave full play to its role as a “vanguard” and prepared 6.53 billion yuan in cotton purchase funds in advance to boost Xinjiang’s A bumper cotton harvest. At present, 1.260 billion yuan has been invested.
In order to ensure that the harvested cotton is returned to the warehouse in a timely manner this year, the Xinjiang Branch of the Agricultural Development Bank of China insists on early research and early deployment, and arranges business personnel to visit cotton enterprises within its jurisdiction multiple times to conduct advance analysis of the enterprise’s operating conditions, cotton acquisition plans, and capital needs. Carry out thorough research, follow the principle of “one enterprise, one policy” to provide preferential treatment in terms of comprehensive guarantee rate, interest rate, etc., and complete the approval of acquisition loans for seven cotton enterprises within the jurisdiction before the cotton acquisition season, and effectively help cotton enterprises prepare enough “money” Bags” to welcome the cotton harvest. At the same time, in order to improve the efficiency of fund settlement, the Ministry actively promotes the “Speed Huitong” business to effectively ensure that cotton farmers can get their cotton and money.
“The Agricultural Development Bank of China’s loan disbursement is timely, allowing us to be fully prepared to carry out cotton procurement in the new year.” said Wang Jianyuan, financial director of Yinfeng Agriculture Co., Ltd. (hereinafter referred to as “Yinfeng Agriculture”).
It is understood that the first batch of 1.26 billion yuan of loans issued by the Xinjiang Branch of the Agricultural Development Bank of China were used for the development of four enterprises, Yinfeng Agriculture, Urumqi Lihua Xinchuang Cotton Industry, Huafu Cotton Industry, and Midong District Supply and Marketing Cotton and Linen Company. Cotton procurement work supports enterprises in purchasing seed cotton from 15 ginning factories in northern and southern Xinjiang such as Changji, Shihezi, Kuitun, and Aksu. The purchase volume is expected to reach 130,000 tons. Among them, Yinfeng Agriculture and Urumqi Lihua Innovative Cotton Industry Loan adopts the assistance model , after the loan is issued, it can increase the income of 100 local farmers by 4,000 yuan each.
In addition, the Xinjiang Branch of the Agricultural Development Bank of China will also invest 740 million yuan in credit funds before the Chinese National Day to ensure that the cotton purchase funds of 7 purchasers and 30 ginners will not stop during the holidays.
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