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Xinhua Credit
China Macro-economy

China's biggest lender issues 43 bln yuan of loans amid epidemic

February 12, 2020


Abstract : The Industrial and Commercial Bank of China, the country's biggest lender, said Tuesday that it has issued over 43 billion yuan (about 6.14 billion U.S. dollars) of loans to fight the novel coronavirus outbreak and help companies restore production since Jan. 24.

BEIJING, Feb. 11 (Xinhua) -- The Industrial and Commercial Bank of China, the country's biggest lender, said Tuesday that it has issued over 43 billion yuan (about 6.14 billion U.S. dollars) of loans to fight the novel coronavirus outbreak and help companies restore production since Jan. 24.

Among the total, 13 billion yuan of loans were used to combat the epidemic, which had killed 1,016 people as of Monday. The remaining 30 billion yuan of loans were given to companies to resume production.

The lender also established a 2-billion-yuan special fund to give equity financing support to companies engaged in the fight against the epidemic, aiming to increase their production capacity and boost market supplies.

The government has announced a slew of new policies to reduce financial burdens on firms and minimize the outbreak's impact on the economy.

Banks across the country should ensure enterprises that produce, transport or sell medical supplies and life necessities pay less than 1.6 percent interest on their loans.

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Keyword: ICBC loans

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