BEIJING - China Development Bank (CDB) said Thursday that it will extend 200 billion yuan ($31.75 billion) in loans over the 12th Five-year Plan (2011-2015) period to support the development of modern agriculture.

The loans will be used in 10 key sectors, including modern agricultural production and modern gardening industries, according to two agreements signed between the bank and the Ministry of Agriculture.

The two parties pledged to work closely in formulating policies, exploring a new pattern of agricultural development and implementing programs.

By the end of March, CDB had issued more than 1 trillion yuan in loans to finance the construction of agricultural and rural infrastructure as well as to support the development of leading agricultural enterprises.