Guangdong Bank Finances Private Enterprises

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Last updated at: (Beijing Time) Monday, April 07, 2003

Guangdong Bank Finances Private Enterprises

The Guangdong Development Bank plans to provide a total of 80 billion yuan (9.6 billion US dollars) in loans to small and medium-sized non-state enterprises in the next three years.

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The Guangdong Development Bank plans to provide a total of 80 billion yuan (9.6 billion US dollars) in loans to small and medium-sized non-state enterprises in the next three years.

The Guangdong Development Bank signed an agreement with 150 leading non-State enterprises in the province on offering credit totaling 15.8 billion yuan (1.9 billion US dollars) recently, a part of its 80-billion-yuan loan scheme, announced Zhang Guanghua, president of the bank.

The agreement involved fund pooling, financial transactions, consultation and accounts settlement services, said Zhang.

The enterprises were from the industry, commerce and trade sectors which had strong market potential, he added.

The bank was taking the step in line with its market orientation, the president explained, adding that 80 percent of its customers were small and medium-sized enterprises.

The bank would carry out its service scheme by giving priority to supporting more than 100 non-State enterprises annually.

To pave way for the development of private enterprises, the bank would also offer a series of preferential services concerningcredit guarantees, mortgages and consultations, according to Zhang.

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