To further support the rural development and help promoting the establishment of new rural area, Bank of China launched "Yi Nong Dai" personal agricultural loan last May, a brand new financial service product aiming at supporting the development of Agricultural, Rural areas and Farmers, serving the rural market. By the end of December 2010, the product has issued loans amounting to RMB 3.278 billion, as well as formed 5 businesses including planting loan, cultivation loan, forestry loan, agriculture machinery loan, and agricultural product purchasing & processing loan, within only six months.
The "Yi Nong Dai" product provides financing services for premium self-employed entrepreneurs in agriculture, forestry, husbandry, fishery and relevant downstream sectors, as well as provides capital support in various stages such as production, process, and circulation of agricultural products. The launch of "Yi Nong Dai" initially established the product service system of "Agricultural, Rural areas and Farmers", which adapts to the rural market with Bank of China's features, as well as fills the blank of Bank of China in individual loan products for Agricultural, Rural and Peasants customers. This has achieved good effects in economic and social aspects.
In 2011, Bank of China will further intensify its financial support for agriculture industry, as well as vigorously promote the "Yi Nong Dai" business throughout the prefecture. The business will not only cover the traditional agriculture, forestry, husbandry and fishery, but will also contain such industries as purchase, transportation, processing and sales of agricultural production resource, which were developed from the traditional agriculture. It will provide financial support for the smooth operation of the entire agriculture industry chain, with various sectors of the industry chain as the point of penetration.
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