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Beijing, December 10, 2015
—IFC, a member of the World Bank Group, today announced an investment in Postal Savings Bank of China (PSBC). The investment will help promote access to finance in a country, which according to World Bank Group data, is home to 12% of the world’s unbanked, some 235 million people, many of whom live in rural areas.
PSBC has the largest network of any Chinese commercial bank, with 40,000 outlets located in cities towns and villages throughout China, and is a pioneer in promoting financial inclusion. As well as committing to a $300 million investment, IFC will use its international experience to work with PSBC on rural, micro and digital finance to promote financial inclusion for the underserved, as well as sustainable finance.
IFC Regional Director for Asia Pacific, Vivek Pathak said “We believe this new partnership between IFC and PSBC will help facilitate access to finance for large segments of micro and small and medium enterprises and rural unbanked clients. Our institutions have an aligned mandate in driving financial inclusion and access in China and through PSBC’s extensive network as well as the introduction of new products and channels we can further advance this agenda.”
Since 1985, IFC has invested more than $10 billion in over 300 projects across a wide range of sectors in China, including with many financial institutions, significantly reducing poverty and improving millions of lives.
IFC has worked together with local businesses, government institutions, and international donor partners to achieve results in bank reform, access to finance, climate change, and job creation – areas where IFC’s China program has delivered results to the World Bank Group.
China has made major strides in economic development, and enhancing the lives of the poor, but more than 70 million people still live in poverty in China and the country remains critical to IFC’s strategy and commitment to achieving the Twin Goals. The investment is a critical step towards the World Bank Group goal of achieving universal financial access by 2020 by providing access to millions of people, farmers and small businesses across China.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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