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ICBC Plans to Increase Loans
The Industrial and Commercial Bank of China (ICBC) announced today that it will raise its planned loans for this year from 240 billion yuan (about 30.8 billion US dollars) to 280 billion yuan.
President of ICBC Jiang Jianqing said that of the newly increased loans, 30 billion yuan will be channeled to the housing sector, while 10 billion yuan will be working capital loans.
Jiang said that the ICBC will give priority to housing loans and other consumption loans. Some 19 billion yuan of the newly increased housing loans will be granted to individuals, and the total individual housing loans for the year will reach 55 billion yuan.
He said in the second half of this year the bank will try to include more high quality projects into its credit portfolio.
Newly increased working capital loans will be mainly injected into various kinds of profitable enterprises.
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