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ICBC Successfully Underwrites the First Rural Revitalization Notes in China

From March 17 to 22, 2021, three “Rural Revitalization Notes”, the first of their kind in China, for which ICBC served as the lead underwriter, were successfully issued on the interbank bond market. The funds raised from the issuance will be invested in such key fields as development of rural industries, integration of urban-rural transportation, and increasing farmers’ income, to assist in consolidating and expanding the achievements in poverty alleviation and supporting the rural revitalization strategy.

Among the three Rural Revitalization Notes, the RMB1 billion funds raised by the New Hope Liuhe Rural Revitalization Bond will be used to purchase agricultural products, helping increase farmers’ income. It is the first rural revitalization bond issued by a private enterprise on the market. The RMB300 million funds raised by Shandong Hi-speed Group Rural Revitalization Bond will be invested in the reconstruction and expansion of the Juye-Heze section of the Rizhao-Lankao High-speed Railway to support integration of urban and rural transportation. It is the first rural revitalization bond in the transportation industry on the market. The RMB600 million funds raised by the COFCO Rural Revitalization Bond will be used for grain collection and storage support that will help and benefit farmers. It is the first rural revitalization bond issued by a central enterprise on the market.

Industry experts said that the Rural Revitalization Notes launched by the National Association of Financial Market Institutional Investors to help agriculture, rural areas and farmers can guide and encourage social capital to flow into agriculture and rural areas through market-oriented means. ICBC served as the lead underwriter for the notes that were quickly issued, and led the market in both the number and amount of underwritten projects, setting an example among financial institutions in supporting the modernization of agriculture and rural areas, as well as in promoting the implementation of the rural revitalization strategy.