Shanxi will partner with the Agricultural Development Bank of China in building provincial poverty alleviation demonstration areas which will be supported by policy-based financial institutions, according an agreement signed on March 17.
The demonstration areas will be sited at 36 local national key counties targeted for poverty alleviation. The two sides will partner in the relocation of people living below the poverty line, as well as in industrial development, infrastructure, food security, employment transition, medical care and education.
The bank will offer Shanxi further preferential policies in lending, default insurance, and innovation in credit products and services designed to target poverty.
Shanxi provincial government will also support projects in the agreement through positive fiscal and tax policies.
The Agricultural Development Bank of China, China's only non-commercial agricultural bank founded in 1994, has partnered with several provinces, autonomous regions and municipalities, including Guizhou province, Xinjiang Uygur autonomous region, and Chongqing in establishing poverty alleviation demonstration areas to help improve the lives of residents.