BEIJING, July 27 (Xinhua) -- Industrial and Commercial Bank of China, Agricultural Bank of China, and Bank of China announced that each will contribute 3 billion yuan to the national financing guarantee fund.
The banks had recently signed agreements to be sponsors of the national financing grantee fund and invest 3 billion yuan each in four years starting from 2018. Each bank's contribution to the fund accounts for 4.5386 percent of the total fund.
After the investment has been reviewed and approved by the board of directors of each bank, it is not necessary to go through shareholders' meeting. Moreover, the investments of the banks all come from their own funds.
It's learned that the national financing guarantee fund is initiated by China's Ministry of Finance and co-established with 20 other organizations with an initial registration capital of 66.1 billion yuan.
The fund is established as a quasi-public financial institution to alleviate the financing difficulties small and micro companies, agricultural and rural business and innovation enterprises. (Edited by Yang Qi, kateqiyang@xinhua.org)
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