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Esquel & Standard Chartered to establish Microfinance program

09 Jan '08

3 min read

Marjorie Yang, Chairman of Esquel Group, said, ”Esquel has a special affection for Xinjiang. Since setting foot in the Region in 1995, we have received tremendous support from our local partners: the government, farmer friends, employees and the community at large.

Now, through the Microfinance program jointly launched with Standard Chartered Bank, we see an opportunity to assist our farmer friends to enhance production, increase income and improve their livelihood.

We are indebted to the various levels of the government and the credit cooperative. Without their support, this project would not have been possible.”

Katherine Tsang, CEO and Executive Director of Standard Chartered Bank (China) Limited, said, “Standard Chartered Bank has a lot of expertise in rural finance and Microfinance globally.

As the strategic partner of Esquel, and by fully leveraging our global expertise, we believe this program will be able to help local cotton farmers address working capital problems, and support the government in alleviating poverty in the rural areas.”

Standard Chartered Bank is actively involved in the rural finance industry. The Bank has accumulated substantial experience through practicing various rural finance models in 13 markets including India, Nepal, Bangladesh, Pakistan, South Africa, Tanzania, etc.

In addition, in September 2006, Standard Chartered Bank announced its commitment to the establishment of a $500 million Microfinance facility, estimated to benefit 4 million people in poverty over a five-year period.

Adding to this, Katherine remarked, “Standard Chartered Bank fully supports the Government's policy of expediting the reform of the rural financial system, and is committed to active involvement in rural finance projects.

By bringing our worldwide experience into China, we endeavour to contribute to the financial services industry in China's rural areas.”

Besides launching the Microfinance program, Standard Chartered Bank and Esquel also conducted training courses to cotton farmers this morning on the topics of “Budgeting and Debt Management” and “Cotton Farming Best Practices”.

These are the first courses in a series intended to assist farmers in improving their financial situation and farming skills.

Esquel Cotton Investment Limited

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