OREANDA-NEWS. May 05, 2012. Seed industry is the core industry for modern agricultural development. Agricultural Bank of China Limited (ABC) has supported a batch of backbone enterprises in the national seed industry, hence promoting the R&D, innovation and extension of breeding technologies and safeguarding the food security. According to incomplete statistics, as at the end of February 2012, ABC supported nearly 50% of backbone enterprises in the national seed industry, with outstanding loans reaching RMB750 million and the balance of credit facility exceeding RMB1 billion, reported the press-centre of ABC. 

ABC Hu'nan Branch supported Yuan Long Ping High-Tech Agriculture Co., Ltd. (hereinafter "Longping High-tech") established by Mr. Yuan Longping, academician of the Chinese Academy of Engineering and "The Father of Hybrid Rice". On the one hand, ABC assisted Longping High-tech in participating in and undertaking the national "Village Markets" (a project to encourage retailers to open stores in more townships and villages). It also delivered settlement and cash management services for 1,681 farmer-invested chain stores of Longping High-tech by relying on its advanced cash management system. Offering financial services directly to customers, ABC has provided strong guarantee for the smooth progress in the "Village Markets" project. On the other hand, ABC has established an overall financial service mode for agricultural industry chain based on Longping High-tech, provided financial services for customers and helped them to become rich by establishing a bridge between enterprises, ABC and rural households.

Anhui Branch has actively supported enterprises that have been constantly engaged in researches on seedling cultivation and seedling wholesale such as Fengle Seed and Tianhe Agricultural Science and Technology Co., Ltd. When Tianhe Agricultural Science and Technology had difficulties in capital turnover, ABC provided loans of RMB13 million one time to help the company complete the procurement plan and seed reserve and hence tide over the hard time.
Shandong Branch has supported the national leading seed enterprise Denghai Seeds. It has formed a professional service team, delivered differentiated services, and met the enterprise's demand in business settlement and credit financing in terms of assets, liabilities, fee-based business and personal financial services for employees.

During the enterprise's preparations for listing, the branch set an expert team, and gave full play to its financial advisor role to provide a package of financial services covering policy consultation, special training, planning, recommendation, undertaking and supporting financing and assist in its listing.

ABC will continuously boost financial innovation and strive to develop financial products meeting agricultural technological needs. It will speed up the innovation of overall financial service mode for industrial agriculture, and continue to provide strong credit support to backbone enterprises in the seed industry.