Standard Chartered China Foundation sign loan and co-operation
agreements
Standard Chartered Bank (China) Limited (Standard Chartered) signed
loan and co-operation agreements with the China Foundation for Poverty
Alleviation (CFPA) in the Great Hall of the People, witnessed by Premier
Wen Jiabao of the People's Republic of China and British Prime Minister
Gordon Brown.
This is the first time an international bank will provide credit loan
facilities to an organisation dedicated to Microfinance projects in
China.
According to the agreement, Standard Chartered will provide the
initial amount of RMB20 million as credit loan facility to CFPA, who
will finance the Microfinance project aiming to provide financial
support to farmers and owners of micro-enterprises in ten counties of
seven provinces in China, most of which are nationally designated as
"poor counties" by the Government.
Standard Chartered and CFPA will also set up a strategic partnership
to cooperate on best practices sharing and technical issues. Under this
agreement, Standard Chartered will bring to CFPA its global expertise in
wholesale rural finance, while CFPA will share its domestic retail
Microfinance execution experience to assist Standard Chartered in
launching rural finance related business in China.
CEO and Executive Director of Standard Chartered Bank (China)
Limited, Katherine Tsang, said, "we are most delighted to work with CFPA.
Standard Chartered supports the Chinese government's policy of
expediting the reform of rural financial system and is committed to be
actively involved in Microfinance projects.
We believe our joint efforts will help enhance productivity, increase
income levels and improve living standards of farmers; while supporting
the government in alleviating poverty in the rural areas at the same
time."
Chairman of the China Foundation for Poverty Alleviation, Duan Yingbi,
said, "Our cooperation with Standard Chartered, on one hand, relieves
CFPA's loan fund shortage, expands our project scale, and helps more of
the poor to increase their income.
On the other hand, CFPA can learn from Standard Chartered about their
international financial management knowledge, experience as well as best
practices. In this way, CFPA can also improve on our microfinance
management in terms of proficiency and efficiency, thus promoting a more
sustainable development of our microfinance program and helping more of
the poor in China."
Group Chief Executive of Standard Chartered PLC, said, Peter Sands
said. "This initiative is part of Standard Chartered's commitment at the
second Clinton Global Initiative set up the $500 million Microfinance
facility across our markets by 2011, which is estimated to benefit four
million people currently excluded from participation in the financial
sector. |