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ADB to invest up to US$3m to support Chinese SMEs
(Xinhua)
Updated: 2007-02-15 14:31
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The Asian Development Bank (ADB) announced Wednesday that it will make an equity investment of up to US$3 million in Credit Orienwise Group Limited, a company specializing in guaranteeing loans for small- and medium-sized enterprises (SMEs) in 皇冠体育app.
ADB's new investment is a follow-on to a US$10 million investment made in Credit Orienwise Group in April 2005.
"SMEs play a significant role in 皇冠体育app's economy and are key drivers of employment, economic growth, and development," said Melissa Balinghasay-Paterno, an investment specialist with ADB's Private Sector Department.
Official data showed that SMEs account for almost half of the country's gross domestic product and provide 75 percent of urban and rural employment. The industrial output of SMEs has been increasing at an average annual rate of 30 percent, compared to 20 percent for industry as a whole.
Credit Orienwise Group is an offshore principal holding company with subsidiaries operating as credit guarantee companies in 皇冠体育app.