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15 July 2015

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Xiangxi Poverty Relief Foundation Established

2017-04-28 Download Print

The Xiangxi SPDB (Shanghai Pudong Development Bank) Wulingshan Poverty Relief and Investment Development Foundation, the Xiangxi Poverty Relief Foundation for short, was officially established with a cooperation agreement signed in Jishou on April 26, 2017.

This was Hunan’s first poverty relief foundation initiated by a commercial bank. The total fund was 30 billion yuan, including SPDB’s investment of 25.485 billion yuan.

The Foundation, in a limited partnership, was set up by the asset management business of SPDB, and Xiangxi Wulingshan Caixin Investment Development Co., Ltd. The fund duration is 10 years.

Xiangxi Tujia and Miao Autonomous Prefecture is a main target of the province’s poverty relief work. As a government-financial institution foundation specialized in investment and development, the Foundation will provide large-amount and long-term financial supports to the prefecture’s infrastructure, public service, ecological enhancement, and competitive industries. It will deliver budgets legally to ensure fund security of the financial institutions and investors, and push a win-win progress of poverty eradication and financial institution development.

President of SPDB Changsha Branch Li Zheng introduced that, SPDB collaborates with local government in establishing the poverty relief foundation in order to strengthen bank-government cooperation, and make breakthroughs in supply-side structural reform in financial area. It also tries to explore ways to establish robust long-term market-oriented mechanisms for poverty eradication.

Based on this Foundation, SPDB Changsha Branch will take proactive measures to promote such mechanisms to other poor regions in the province, so as to push ahead the key battles to eradicate poverty.

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Translator: Pang Yuehui

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