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IFC Supports China’s Rural Financing by Investing in Village and Township Bank
In Beijing:
Wenqin Zhu
Phone: +86 10 5860 3130
E-mail: WZhu@ifc.org
In Hong Kong:
Andrew Mak
Phone: +852 2509 8110
E-mail: AMak@ifc.org
Beijing, China, August 6, 2009—IFC,
a member of the World Bank Group, has agreed to invest 5 million Chinese
renminbi (equivalent to $700,000) in Renshou Minfu Rural Bank, a village
and township bank in Sichuan Province, to support financing for micro and
small businesses in rural China.
IFC also will provide advisory services
to enable Renshou Minfu Rural Bank to increase operational efficiencies,
adopt advanced risk management practices, and provide high-quality products
and services.
The establishment of Renshou Minfu Rural
Bank in Sichuan’s Renshou County in December 2008 was a major initiative
undertaken by Leshan City Commercial Bank to promote microfinance. The
partnership will combine Leshan City Commercial Bank’s deep understanding
of the local market with IFC’s global expertise in microlending.
“Renshou Minfu Rural Bank will provide
much-needed financing for farmers and rural enterprises in Central Sichuan,”
said Michael Ipson, IFC Country Manager for China. “IFC’s rural strategy
focuses on providing greater access to finance for micro and small businesses,
and funding of agriculture. We are very pleased to partner with Leshan
City Commercial Bank in this venture.”
Leshan City Commercial Bank is the largest
shareholder of Renshou Minfu Rural Bank. Leshan City Commercial Bank and
IFC have a relationship stretching over more than six years. IFC has provided
training in bank operations, development of credit manuals and risk-rating
tools, training and performance-based human resource management. This long
relationship has become the foundation for co-investment in microfinance
operations.
About IFC
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $15 billion in fiscal 2009, helping channel capital into developing
countries during the financial crisis. For more information, visit www.ifc.org.
About Leshan City Commercial Bank
and Renshou Minfu Rural Bank
Leshan City Commercial Bank was founded
in February 1997 and is headquartered in the Leshan Municipality. As of
end of 2008, the bank has 325 million Chinese renminbi in registered capital,
471 employees, and 28 branches.
Renshou Minfu Rural Bank was established
in December 2008 with paid-in capital from Leshan City Commercial Bank
and local investors. The bank opened its first branch in Wenlin town, in
the central and more developed part of Renshou County, and plans to open
a second branch in the Wangyang town, the oldest district with the most
registered micro, small, and medium enterprises. The bank aims to become
a leading village and township microfinance bank in China.
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