China’s influential Agricultural Development Bank has agreed to lend at least 3 trillion yuan (US$450 billion) by 2020 to China’s agriculture industry to promote a large scale modernisation process. The move was made together with the Ministry of Agriculture and included an agreement to protect national food security, develop China’s seed industry and support agricultural investors who wish to expand abroad.
Earlier this year, the bank promised to lend 3 trillion yuan for poverty reduction via agricultural investment. It is unclear as of yet whether these schemes are in fact one and the same.
For Reuter’s coverage of the story, see here.