Home > > ICBC extends $14.5 billion credit line to Beijing cultural and tourism firms

ICBC extends $14.5 billion credit line to Beijing cultural and tourism firms

03/30/2020| 3:41:51 PM|

The capital will be distributed in financing and credit to these businesses for them to resume work.

Bank officials at the Industrial and Commercial Bank of China Limited (ICBC) expect asset quality to worsen in 2020, as the COVID-19 outbreak strains the local Chinese economy, thus impacting Chinese borrowers.

On another note, ICBC and the Ministry of Culture and Tourism of the People’s Republic of China signed a strategic cooperation agreement to assist cultural and tourism businesses in Beijing. ICBC plans to provide up to 100 billion CNY (US$ 14.5 billion) in financing and credit to these businesses for them to resume work.

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TAGS: Asia | China | ICBC
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