Interviews
Textile sector to get ADB support in future as well
15 May '08
1 min read
Hangzhou City hosted the 2008 Summit Forum of China Cotton Industrial Development on May 7. Over 700 delegates from around 17 countries attended the event including cotton merchants, textile enterprises, other related organizations and Government departments.
At the forum, the Agricultural Development Bank (ADB) of China stated that it sanctioned and issued a loan of 55.4 billion yuan to help Chinese enterprises purchase 88.9 million piculs of cotton in 2007.
In fact, cotton purchased from the loan granted by the bank accounted for 58 percent of the total cotton receipts of China.
The bank thereafter expressed its desire for financing cotton purchasers in the future as well, stating that supplying funds to the industry was one of its main objectives.
In recent years, the Agricultural Development Bank of China has extended in ambit of finance from cotton to the entire industrial chain of yarns, textiles and clothes. So magnified is its presence as a supporters of the industry, that it has established a lender-borrower relationship with about 500 textile enterprises.
At this pace and with such overwhelming financial backings, the Agricultural Development Bank is likely to take the textile industry to newer heights.
At the forum, the Agricultural Development Bank (ADB) of China stated that it sanctioned and issued a loan of 55.4 billion yuan to help Chinese enterprises purchase 88.9 million piculs of cotton in 2007.
In fact, cotton purchased from the loan granted by the bank accounted for 58 percent of the total cotton receipts of China.
The bank thereafter expressed its desire for financing cotton purchasers in the future as well, stating that supplying funds to the industry was one of its main objectives.
In recent years, the Agricultural Development Bank of China has extended in ambit of finance from cotton to the entire industrial chain of yarns, textiles and clothes. So magnified is its presence as a supporters of the industry, that it has established a lender-borrower relationship with about 500 textile enterprises.
At this pace and with such overwhelming financial backings, the Agricultural Development Bank is likely to take the textile industry to newer heights.
Fibre2fashion News Desk - China
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