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Loans to Lift Farmers Out of Poverty
The Agricultural Bank of China (ABC) will offer three million yuan to Yilong County in southwest China's Sichuan Province next year to help alleviate poverty there.
The money will be used to provide small loans to poor applicants in rural areas in the county, according to Friday's Chinadaily.
The Rural Development Association in the county will take on the responsibility of allocating loans to applicants and collecting the money back when it is due.
To get a loan, applicants must sign two contracts with the ABC and with the association separately.
Such associations have been established in 48 counties for the implementation of the Poverty Alleviation and Sustainable Development Program, which was launched by the United Nations Development Program and the China International Center for Economic and Technical Exchanges in 1993.
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