According to the agreement, Standard Chartered will provide the initial amount of RMB20 million as credit loan facility to China Foundation for Poverty Alleviation (CFPA), who will finance the microfinance projects aiming to provide financial support to farmers and owners of micro-enterprises in 10 counties of seven provinces in China, most of which are nationally designated as poor counties by the government.
Standard Chartered and CFPA will also establish 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.
Katherine Tsang, CEO and executive director of Standard Chartered Bank China, said: Standard Chartered supports the Chinese government’s policy of expediting the reform of rural financial system, and is committed to actively involve 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.
