Public microfinancing to benefit 2m Chinese in 2013

BEIJING -- China's largest microfinancing company for public welfare is expected to benefit roughly 2 million rural Chinese people by the end of 2013.

The China Foundation for Poverty Alleviation founded CFPA Microfinance in 1998 to help alleviate poverty by offering microfinancing solutions to rural residents.

The company reported Tuesday that it has established microcredit businesses in 63 counties in 14 provinces, including 58 poverty-stricken areas.

Microloans totaling 1.3 billion yuan ($210.28 million) from CFPA Microfinance benefitted 130,000 families in 2012, according to data released by the company.

CFPA Microfinance plans to expand to 90 branches covering 14 provinces this year.