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IFC invests in China`s agriculture, software sectors
Beijing, Aug 09: The International Finance Corporation, the private sector arm of the World Bank group, has signed credit agreements worth USD 25.5 million with a private Chinese pig breeding farm and a software company to boost their development, a newspaper report said today.
It is the first IFC investment in northeast China's Jilin province, and also the first overseas financing project approved by the Chinese government since 1995 to support a private agricultural business, 'China Daily' reported.
The loan will be used to help the firm build new pig breeding farms, a new processing facility to produce ready-to-eat packaged meats and upgrade slaughtering capacity.
The IFC's country manager for China, Karen Finkelston, said the project will serve as a role model for other international and private sector investments in northeast China, which has failed to attract much foreign capital.
Bureau Report