New Hope Liuhe, China's largest animal feed maker, will expand its feed mill and poultry business in ten different Asian countries, the company said.
New Hope Singapore Pte Ltd, a subsidiary of the Chinese firm, signed a deal with the International Finance Corporation (IFC) who have agreed to provide USD$60 million in financing to help the agricultural company in their expansion.
The company will use the IFC loan to build new projects in India, Lao People's Democratic Republic, Myanmar and Nepal and expand existing businesses in Bangladesh, Cambodia, Indonesia, the Philippines, Sri Lanka, and Vietnam.
The company is focusing on international expansion as growth in animal feed demand slows at home in China, hurt by weaker economic growth and a clampdown on official spending.
