Kiwa Bio-Tech Products Group Corp (fka KWBT)

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Kiwa Bio-Tech Announces Financing Agreement with The People's Insurance Company of China (PICC)

Ontario, CA, Feb. 02, 2018 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (KWBT) (“Kiwa Bio-Tech” or the “Company”), a manufacturing of leading eco-friendly biological fertilizer products, announced today that the Company signed a Strategic Cooperation Agreement with The People's Insurance Company (Group) of China Limited (hereafter refer to “PICC”). The agreement was signed with The People's Insurance Company (Group) of China Limited Xi’an Branch and is focused on providing agricultural insurance and financing for Kiwa’s clients.

The People's Insurance Company (Group) of China Limited is a state-owned company in China with the largest insurance coverage. In order to promote and upgrade rural insurance and establish the rural financial services chain, Kiwa Bio-Tech and PICC will cooperate to accelerate the development of modern agriculture.

The terms of the agreement include:

1. Enlarge agricultural insurance coverage in China.

Kiwa Bio-Tech and PICC will enhance local traditional agricultural insurance development and agricultural insurance settlement services in the Shaanxi province. Innovative agricultural insurance models will be established in order to meet various needs of family farms, cooperatives and other new agricultural production and management businesses. Kiwa Bio-Tech and PICC will also share resources and improve the service system of “Three Rural Issues” which is supported by the China national government and Ministry of Agriculture.

2. Develop innovative agricultural financial services and new model of inclusive finance.

Kiwa Bio-Tech and PICC will cooperate to develop loan surety insurance and agricultural insurance for farmers. Insurance funds will be directly used for financing loans by connecting insurance companies and farmers, and will provide the closed loop of "agricultural insurance and microfinance" service mechanism.

3. Develop model of “Agriculture materials enterprises and insurance companies” to help alleviate poverty.

Kiwa Bio-Tech will provide qualified production materials to farmers and provide production guidance and technical services, to help them adapt harmless farming methods and reduce agricultural production risks. PICC will develop agriculture insurance; quality assurance and other services to provide risk protection and quality guarantee for farmers through the whole production process, and contribute to sell qualified and credited agricultural products through its e-commerce platform, in a way to increase the farmers’ income.

https://finance.yahoo.com/news/kiwa-bio-tech-announces-financing-130000094.html