Print This Page Email This Page
ADB to Invest Up to US$3 Mln to Support SMEs in China

The Asian Development Bank (ADB) announced Wednesday that it will make an equity investment of up to US$3 million in Credit Orienwise Group Limited, a company specializing in guaranteeing loans for small and medium-sized enterprises (SMEs) in China.


ADB's new investment is a follow-on to a US$10 million investment made in Credit Orienwise Group in April 2005. "SMEs play a significant role in China's economy and are key drivers of employment, economic growth, and development," said Melissa Balinghasay-Paterno, an investment specialist with ADB's Private Sector Department.


Official data showed that SMEs account for almost half of the country's gross domestic product and provide 75% of urban and rural employment. The industrial output of SMEs has been increasing at an average annual rate of 30%, compared to 20% for industry as a whole.


Credit Orienwise Group is an offshore principal holding company with subsidiaries operating as credit guarantee companies in China.


(Xinhua News Agency February 14, 2007)

Related Stories
- ADB Agrees US$300 Mln Loan for China Railway Project
- ADB Funds Hydropower Program to Boost Clean Energy in NW China
- ADB Offers US$300 Mln Loan to Improve Transport in NW China
- ADB Loan to Boost Rail Links Between Vietnam and China
- ADB Lending to China Well over US$17 Bln
- ADB Supports Natural Gas Distribution in China

Print This Page Email This Page
'Tomorrow Plan' Helps Disabled Orphans
First Chinese Volunteers Head for South America
East China City Suspends Controversial Chemical Project Amid Pollution Fears
Second-hand Smoke a 'Killer at Large'
Private Capital Flows to Developing Countries Hit New Record in 2006
Survey: Most of China's Disabled Not Financially Independent

Product Directory
China Search
Country Search
Hot Buys