Chinese policy bank steps up financial support for major projects

Source: Xinhua| 2020-03-03 21:13:38|Editor: huaxia

BEIJING, March 3 (Xinhua) -- The China Development Bank (CDB), one of the country's major policy banks, has offered more financial support to enterprises with major projects to tide over difficulties arising from the novel coronavirus epidemic.

As of Feb. 28, the CDB had issued loans worth 144.1 billion yuan (around 20.7 billion U.S. dollars) for work resumption and 26 billion yuan for epidemic control, according to the bank.

Shanghai Zhenhua Port Machinery Company Limited, a port equipment maker, signed a loan contract of 1.1 billion yuan with the CDB's Shanghai branch after seeing its overseas projects suffer due to suspended flights and visa restrictions.

The loan, with a much lower interest rate, has helped the company purchase raw materials and pay salaries, taxes as well as social security premiums.

The loan was part of a special fund set aside by the CDB with streamlined application procedures to meet urgent financing demands of enterprises with major projects.

Thanks to the new application process, the special loan for Zhejiang Petroleum and Chemical Co., Ltd. to construct its oil refining and chemical engineering projects was issued within 24 hours after the approval, setting a new record, said Shen Caizhan, vice president of the CDB's Zhejiang branch.