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250,000 benefit from subsidized loans in Guangxi
(Xinhua)
Updated: 2005-09-28 14:30

NANNING -- South China's Guangxi Zhuang Autonomous Region will have 250,000 impoverished people from more than 60,000 households, most of them from ethnic groups in mountainous areas, supported financially by subsidized government loans this year.

According to a regional government official, the subsidized credit extension will cover 20 counties in the region this year, much more than the three counties last year. It will involve 220 million yuan (27.1 million US dollars) in loans, up from the year-earlier level of 36 million yuan (4.4 million US dollars). And related subsidies will increase from 1.5 million yuan (184,957US dollars) a year earlier to 11 million yuan (1.4 million US dollars).

Lai Jianfa, officer in charge of fund operation at the region's poverty-relief work, said each of the 20 impoverished counties to be supported financially this year will obtain 550,000 yuan (67,817 US dollars) on average for its borrowing.

Last year there were approximately 4 million impoverished people in Guangxi region, majority of them farmers from ethnic groups.

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