The World Bank's International Finance Corp. (IFC) would provide 15 million U.S. dollars in credit guarantees for small and medium-sized enterprises (SMEs) in China's southwestern Sichuan Province, the IFC announced here Wednesday.
The funds would go to the Chengdu Small Enterprise Credit Guarantee Co.(Chengdu CGC), its partner in the project.
With the IFC injection, Chengdu CGC would be able to extend up to 5.4 billion yuan (790.6 million U.S. dollars) in new loans in the next eight years to SMEs in areas hit by the May 12 earthquake last year.
"As an effort to support reconstruction in the quake zone, we hope the project will help improve local people's livelihoods," said Michael Ipson, chief representative of the IFC in China and Mongolia.
Founded in 1956, the IFC invests in the private sector in developing countries. Its investment totaled 16.2 billion U.S. dollars in 2008, up 34 percent from a year earlier.
Source: Xinhua
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