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News > China

WB Approves Loan to China for Agricultural & Rural Development

  • Tea-picking workers in Hubei. May. 1, 2023.

    Tea-picking workers in Hubei. May. 1, 2023. | Photo: Twitter/@chinaorgcn

Published 1 May 2023
Opinion

"This program will introduce targets and innovative practices for greening agriculture..."

The international financial institution, World Bank, has authorized a loan of 345 million U.S. dollars. The Bank of China's Beijing office announced on Saturday that this loan is meant to bolster the advancement of environmentally friendly agriculture and of rural areas in the central Chinese provinces of Hubei and Hunan.

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The allocated funds, in partnership with government subsidies, are intended to mitigate greenhouse gas emissions that emanate from crop and livestock farming.

"This program will introduce targets and innovative practices for greening agriculture while enhancing the resilience of the government's rural revitalization program in Hubei and Hunan, generating lessons that can be applied across the country," said Mara Warwick, World Bank Country Director for China, Mongolia and Korea.

Moreover, these financial resources are aimed at increasing the formation of soil carbon sinks, enhancing the protection of biodiversity, restoring agricultural ecosystems, and bolstering the integration of environmental outcomes and carbon reduction (decarbonization) objectives in rural revitalization plans and investment projects, as reported by the office.

A lot of work will be conducted across various spheres that aims to examine the various fields that require attention in enhancing agricultural practices, promoting rural development and addressing environmental concerns.

The areas of focus will include, but are not limited to, training and agricultural extension services for farmers and cooperatives, encouraging the adoption of climate-intelligent agricultural technologies and good agricultural practices by farmers and food processors.

Optimizing rural sewage and garbage treatment services, and introducing standards and methods related to green agriculture and rural development, are also objectives included in China’s goals.

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Mara Warwick
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