ICBC extends $14.5 billion credit line to Beijing cultural and tourism firms
03/30/2020|3:41:51 PM|SWFI

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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