Chinese policy bank increases support for high-standard farmland

BEIJING -- The China Development Bank (CDB), one of the country's policy banks, stepped up financial support to cultivate high-standard farmland in the first half of this year.

The lender issued 4.3 billion yuan ($596.77 million) in loans to support high-standard farmland cultivation and farmland infrastructure upgrading projects in Jilin, Jiangsu, Sichuan, Guangxi and Ningxia during the period.

By the end of June, the lender had issued a total of 23.5 billion yuan of loans for farmland cultivation, which will help foster 4.25 million mu (about 283,333 hectares) of high-standard farmland in the country.

The bank said it will continue to leverage the role of development finance to support agricultural infrastructure construction and roll out more favorable credit policies for farmland cultivation.

Founded in 1994, the CDB is designed to provide finance to major national projects and development strategies.