A total of 12 projects on rural revitalization were signed in Weifang, Shandong province on July 10.

The projects, worth a total investment of 6.82 billion yuan ($991 million) and approved for loans of 4.31 billion, cover reservoir construction, costal area renovation, agriculture technology promotion, and agriculture demonstration park construction.

The signing ceremony was co-hosted by the Shandong Development and Reform Commission and the Shandong branch of the Agricultural Development Bank of China. The two parties signed a strategic cooperation agreement last year, building a database for rural revitalization projects, and planning to grant credit of 300 billion yuan in five years to support about 500 key projects. The first batch of 223 projects has been announced, with a planned investment of 180.5 billion yuan and a loan of 89.8 billion yuan.

Since 2019, the Shandong branch of Agricultural Development Bank of China has issued loans of 61.64 billion yuan, ranking second in the bank's nationwide loan system. By the end of June this year, the branch's loan balance amounted to 305.53 billion yuan. Its newly-added loan ranked top in the bank's loan system and had been providing input into rural vitalization projects.

To date, 62 rural revitalization projects in Shandong have received approval on loans totaling 26.2 billion yuan. The commission and branch bank will strengthen research on financial and industrial policies, improve guiding service to projects in the database, as well as launch the application work for the second batch of projects to attract more quality enterprises and projects, as well as to highlight the effect of rural revitalization projects in investment attraction and demonstration.