Loans News
- ADB to invest $3 mln to support SMEs in China
Date: 15-Feb-2007 Sources: (Xinhua Online)
The Asian Development Bank (ADB) announced Wednesday that it will make an equity investment of up to three million U.S. dollars 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 10 million dollar 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.
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