The Asian Development Bank (ADB), a financial institution dedicated in reducing the poverty and promoting the economic development in Asia, is said to have acquired a minority stake in the holding company of Shenzhen Credit Orienwise Co., Ltd. (Credit Orienwise), the largest private credit guarantee firm in China.
ADB's investment will be used to improve the internal information system of Credit Orienwise and enrich its capital to speed up the development.
Moreover, the injection will help the Chinese firm to extend its reach from Shenzhen to other cities in the country.
Credit Orienwise offers credit guarantees to small- and medium-sized enterprises (SME) and had achieved operating revenues of CNY 106m (US$12.8m) in 2003.
The company's total guarantees reached CNY 1.87bn, or US$226m by the end of last year.
