The National Forestry and Grassland Administration (NFGA) and the Postal Savings Bank of China (PSBC) signed a strategic cooperation agreement at a ceremony in Libo County, southwest China's Guizhou Province, on November 16, 2018.

Director General of the NFGA Zhang Jianlong, Deputy Director General of the NFGA Li Chunliang and Vice President of the PSBC Shao Zhibao attended the event.

According to the agreement, the PSBC will support key projects or special action projects centered on national forestry and grassland and strives to invest 100 billion yuan (14.4063 billion U.S. dollars) of credit funds in these areas in the next five years.

The two sides will become important long-term strategic partners to effectively promote the transformation of forestry and grassland development models and support the construction of ecological civilization.

They will maintain national timber security, increase the income of farmers and herdsmen in poor areas and jointly promote the national forestry and grassland ecological construction and targeted poverty alleviation.

The NFGA will coordinate and improve investment and financing policies for forestry and grassland, give the PSBC guidance and policy preferences, recommend leading enterprises and major projects in line with the guidance of the national industrial policy to the PSBC, and cooperate with the PSBC in credit funds and project supervision.

The PSBC will give full play to its advantages in networks, capital and talent, innovate green financial products, and explore new models and mechanisms of financial support for forestry and grassland development.

They will provide financing design, project and fund management services to customers of forestry and grassland industries, optimize financial products, guide capital flow to priority areas, and support the construction of priority projects.

The signing of the cooperation agreement indicates that the PSBC will integrate comprehensive financial services into national forestry and grassland strategic construction and development, enhance financial support for forestry and grassland development, and provide financial support for the implementation of the rural revitalization strategy. 

(China Post)