ADB will make an equity investment of up to $3 million in Credit Orienwise Group Limited, a company specializing in guaranteeing loans for small and medium-sized enterprises (SMEs) in the People's Republic of China.
“SMEs play a significant role in the PRC economy and are key drivers of employment, economic growth, and development,” said Melissa Balinghasay-Paterno, an Investment Specialist with ADB's Private Sector Department.
In the PRC, SMEs account for almost half of the gross domestic product and provide 75% of urban and rural employment. The industrial output of SMEs has been increasing at an average annual rate of 30%, compared to 20% for industry as a whole.
ADB's new $3 million investment is a follow-on to a $10 million investment made in Credit Orienwise Group in April 2005. Citigroup Venture Capital International and Carlyle Group are co-investors in the company.
Credit Orienwise Group, an offshore principal holding company with subsidiaries operating as credit guarantee companies in the PRC, is the leading private company in its field in the PRC.
The company provides financial guarantees, entrusted lending, and related financial advisory services to SMEs and individuals in multiple high-growth regions in the PRC including the Pearl and Yangtze deltas.
Asian Development Bank, Philippines
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