Summary of Proposed Investment
Project Number
27377
Company Name
CHENGDU SMALL ENTERPRISE CREDIT GUARANTEE CO LTD
Date SPI Disclosed
Jun 4, 2008
Country
China
Industry
Financial Markets
Projected Board Date
Jul 17, 2008
Status
Completed
Sector
Finance Companies
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Jul 31, 2008
Signed : Oct 30, 2008
Invested : Jun 2, 2009
Project Description
Chengdu Small Enterprise Credit Guarantee Company Limited (Chengdu CGC) was established in 2001 with a mandate of helping SMEs access finance. Chengdu CGC was initially funded by Chengdu municipal government and UK government through a donation. The State Secretariat for Economic Affairs of Switzerland (SECO) took an equity stake in Chengdu CGC in 2004. The IFC has been providing technical assistance and other training programs to Chengdu CGC since 2002.
CGC’s main business is to provide partial guarantee on loans extended by local banks to SMEs in Chengdu metropolitan area. Its target clients are those who otherwise meet banks’ lending criteria but are unable to provide sufficient collateral as normally required by local banks. Over the past six years, CGC has provided loan guarantees amounting to RMB6.2 billion ($887 million), creating or maintaining employments for at least 60,000 people. At present, the company has about 780 SME clients and more than 1000 individual clients (e.g., unincorporated small businesses).
The purpose of the project is to help SMEs in the greater Chengdu metropolitan area get much needed financing to restore and/or expand their production and operation capacity in the aftermath of recent earthquake in Sichuan Province, China. Three satellite cities in Chengdu metropolitan area, Dujiangyan, Pengzhou and Chongzhou, were among the hardest hit cities by the earthquake.
CGC’s main business is to provide partial guarantee on loans extended by local banks to SMEs in Chengdu metropolitan area. Its target clients are those who otherwise meet banks’ lending criteria but are unable to provide sufficient collateral as normally required by local banks. Over the past six years, CGC has provided loan guarantees amounting to RMB6.2 billion ($887 million), creating or maintaining employments for at least 60,000 people. At present, the company has about 780 SME clients and more than 1000 individual clients (e.g., unincorporated small businesses).
The purpose of the project is to help SMEs in the greater Chengdu metropolitan area get much needed financing to restore and/or expand their production and operation capacity in the aftermath of recent earthquake in Sichuan Province, China. Three satellite cities in Chengdu metropolitan area, Dujiangyan, Pengzhou and Chongzhou, were among the hardest hit cities by the earthquake.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Ms. Zhou Jing
7/F, Shuncheng Building
No. 229, Shuncheng Street
Chengdu 610016, China
Telephone: 86-28-86781533
Fax: 86-28-86786233
E-mail: zhoujing@cgccd.com
Website: http://www.cgccd.com
7/F, Shuncheng Building
No. 229, Shuncheng Street
Chengdu 610016, China
Telephone: 86-28-86781533
Fax: 86-28-86786233
E-mail: zhoujing@cgccd.com
Website: http://www.cgccd.com
For Inquiries and Comments About IFC, Contact
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster