The Xinjiang Kashgar branch of the Agricultural Development Bank of China has kept aside a corpus of Yuan 13.68 billion, up to Yuan 3.18 billion over last year, for the purchase of cotton in the new season.
“The cotton bolls have started cracking in Xinjiang, the biggest cotton-producing region of China, and farmers may start selling their first cotton crop over the next few days,” media reports stated.
So far, the Kashgar branch has completed credit approval for 24 cotton companies, ensuring that every cotton-growing county in the region has companies supported by Agricultural Development Bank loans.
The bank is doing on-site inspections at each of the farms from where the buyer will be buying the cotton.
Branch officials have also advised the cotton ginners to take adequate measures in fire safety to ensure that the stored cotton remains safe.
China Bank creates a corpus of Yuan 13.68bn for cotton purchase
