Tibet issues large amount of agricultural loan to benefit farmers and nomads
In March 2019, farmers and nomads in Shigatse, Tibet held a start of the plowing ceremony.
Farmers and nomads in Bainang County, Tibet cultivate ginseng seedlings in modern greenhouses.
The Agricultural Bank of China Tibet Branch revealed on April 17 that as of the end of March 2019, the balance of agriculture-related loans from the branch reached 40.077 billion yuan (5.83 billion US dollars), an increase of 5.45 percent or 2.072 billion yuan (301.4 million US dollars) from the beginning of the year. Of these, the balance of rural household loans reached 27.515 billion yuan (4 billion US dollars), an increase of 1.949 billion yuan (283.5 million US dollars) or 7.62 percent from the beginning of the year. This has satisfied the demand for credit funds for Tibetan farmers and nomads preparing for ploughing, grazing, and production development.
It is reported that since this year, the bank branch has issued 569 million yuan (82.77 million US dollars) in poverty alleviation loans for impoverished households in Tibet, which has benefitted 85,000 households and 350,000 impoverished people.
As of the end of March of this year, the Tibet Branch of the Agricultural Bank of China achieved full coverage of Tibetan townships and towns, and the coverage rate of administrative villages reached 91.67 percent.