Home / Knowledge / News / Textiles / ADB to invest up to $3 mn to support SMEs in the PRC

ADB to invest up to $3 mn to support SMEs in the PRC

12
Feb '07
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


Must ReadView All

Pic: Shutterstock

Textiles | On 25th Sep 2021

EU extends GSP plus status for Pakistan with 6 new conventions

The European Union (EU) has extended its general system of...

Pic: Shutterstock

Apparel/Garments | On 25th Sep 2021

Bangladesh seeks Russian support for ensuring direct exports there

Bangladesh commerce minister Tipu Munshi recently sought Russian...

Pic: Boris-B / Shutterstock.com

Retail | On 25th Sep 2021

US’ Halloween spending to reach $10.14 bn this year: NRF

Consumer spending in the US on Halloween-related items is expected to ...

Interviews View All

Florian Heubrandner, Lenzing AG

Florian Heubrandner
Lenzing AG

Cannot see the world breaking away from cotton & polyester

Textile Industry, Head Honchos

Textile Industry
Head Honchos

Increase foreign exchange and create jobs

India-EU Summit, Representatives

India-EU Summit
Representatives

India-EU FTA will provide EU with better access to a huge & rapidly...

Abdullah Mohammad Saad Hossain,

Abdullah Mohammad Saad Hossain

Saad Group is a leading vertically integrated textile group in Bangladesh. ...

Susan Bhaktul,

Susan Bhaktul

Established in 2000 as a liaison with the Government of India, Industree...

Daniele Uboldi,

Daniele Uboldi

EptaInks is the screen-printing division of Eptanova, a company that...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, a global association of the nonwoven fabrics industry, has been...

Silverio Baranzano, Fitesa

Silverio Baranzano
Fitesa

Fitesa is a leader in the nonwoven fabrics industry, specialising in...

Frank Heislitz, Freudenberg

Frank Heislitz
Freudenberg

Freudenberg Performance Materials is a leading global manufacturer of...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

<b>Ruma Devi i</b>s a jet-setting promoter of artisans who has empowered...

Raghavendra Rathore, Label Raghavendra Rathore Jodhpur

Raghavendra Rathore
Label Raghavendra Rathore Jodhpur

Being one of the first designers to use the "Brand India" positioning for...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search