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mapFinancing farmers in China
Standard Chartered, in strategic partnership with Esquel, aims to assist cotton farmers in China to enhance productivity, increase income and improve living standards.
This is the first time a foreign bank has been involved in establishing a complete microfinance programme lending directly to farmers in China. Standard Chartered and Esquel will launch a pilot operation in Baishiairike village, Wuluquele town and Awati County in the Akesu District of China’s Xinjiang Uygur Autonomous Region. Standard Chartered will contribute by setting up the credit policy framework, credit assessment and loan management processes and cooperation strategies with credit cooperatives. This joint programme will initially provide working capital loans, without pledge or guarantee, to local cotton farmers. The loans will be disbursed through an entrustment loan arrangement with the local Awati Credit Cooperatives.