The Asian Development Bank (ADB) signed a 60-million-U.S.-dollar loan agreement to increase financing to small and medium-sized enterprises (SMEs) in China.

The agreement was signed between the ADB and Zhujiang Financial Leasing Company Limited to assist SMEs in central and western regions of China.

"SMEs are important drivers of inclusive growth of China's economy as they provide so many jobs, but a lack of finance is an impediment particularly in less developed regions," said Christopher Thieme, deputy director general of ADB's Private Sector Operations Department.

The ADB will also help the company to improve its safeguards and support the development of China's lease finance industry.

"This loan is just the first step in the partnership between ADB and our company, but that will have a significant positive impact on China's SME development in central and western regions," said Ping Yang, CEO of Zhujiang Financial Leasing Company.

The ADB was founded in 1996 in the Philippines' capital, Manila. It currently has 67 members. In 2017, ADB operations totaled 32.2 billion U.S. dollars, including 11.9 billion in co-financing.