China's policy bank extends 30.6b yuan of loans to support agriculture

BEIJING - The China Development Bank (CDB), one of the country's policy banks, extended 30.6 billion yuan ($4.59 billion) in loans in the first five months to support the country's agriculture sector.

The loans went toward agricultural infrastructure construction, seed industry and rural industries, the CDB said.

In the next step, the bank has pledged to better leverage financial services and products to ensure China's grain security and supply of key farm produce.

Founded in 1994, the CDB is designed to provide finance to major national projects and development strategies.