Loans for Shandong Wheat Procurement up 130% in 2008

The Shandong Provincial Branch of the Agricultural Development Bank of China (ADBC) plans lending of 5 billion yuan in 2009 to support minimum price procurement of 2.86 million metric tons of wheat to stabilize supply. Funds for wheat procurement are to rise 130% from the previous year and the amount procured with those funds is up 125% for a new record amount.

As of November, the total lending for 2008 by the Shandong ADBC totaled 16.57 billion yuan ($2.45 billion) to support enterprises' procurement of 8.26 mmt of grain, 294,000 mt of cotton, 90,000 mt of edible oils to maintain normal procurement and supplies.

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