Guizhou Extreme Poverty Towns Poverty Alleviation Investment Fund (referred to as “Guizhou Extreme Poverty Fund”), led by ICBC, has recently completed the first investment of RMB 1.2 billion, which will provide capital support for public welfare projects in Shimen Town, Weining County, Guizhou Province and other extreme poverty towns with greatest difficulty in poverty alleviation to help get rid of poverty and become better off. This is the first provincial poverty alleviation investment fund in China after the government put forward the strategy of targeted poverty alleviation, which has explored a new path of driving targeted poverty alleviation through bank-government cooperation.

As the province with the largest poverty-stricken population and the biggest challenge in poverty alleviation in China, Guizhou has strong capital demand in poverty alleviation. By leveraging advantages in integrated financial services, ICBC has actively worked with Guizhou provincial government and provided financial support for the most difficult areas of Guizhou in poverty alleviation through the innovative market-oriented fund operation model featuring “Fiscal fund guidance + private fund support”. Guizhou Extreme Poverty Fund has a total size up to RMB 16.7 billion, including RMB 16.3 billion raised by ICBC with a term of 15 years . All investment will be made into public benefit projects in 20 extreme poverty towns in Guizhou. Upon completion of the projects, the fund withdrawn will be transferred to the government procurement service fund incorporated in provincial fiscal budget to balance economic benefits and social benefits.

As of the end of March 2017, the balance of financial targeted poverty alleviation loans granted by ICBC reached nearly RMB 100 billion. In addition, ICBC is supporting rural inclusive finance development through various innovative approaches, such as “Rural Support & Salary Stabilization” campaign, exclusive rural support services and helping leading rural enterprises develop electronic commerce.