ABC to issue loans for animal husbandry industry

BEIJING - The Agricultural Bank of China (ABC) said Monday it plans to issue at least 50 billion yuan ($7.94 billion) in loans to push forward the development of the animal husbandry industry.

According to an agreement signed between the bank and the Ministry of Agriculture (MOA), the loans will be used to support the growth of leading animal husbandry enterprises, as well as the development of large pastures in the provinces and autonomous regions of Inner Mongolia, Gansu, Qinghai, Ningxia Hui and Xinjiang Uygur.

The animal husbandry industry has played an important role in helping secure food supplies and raising farmers' incomes, ABC President Zhang Yun said.

"The bank is optimistic about the industry's outlook and will launch all-round cooperation with MOA to boost the animal husbandry sector's development over the 12th Five-Year Plan period," Zhang said.

ABC's outstanding loans to the animal husbandry sector reached around 50 billion yuan at the end of last year.