Chinese Bank Loans 300 Million Yuan to StudentsThe Industrial and Commercial Bank of China (ICBC) announced Friday that by the end of May, the bank had granted loans totaling 302 million yuan (about 37 million US dollars) to support college and university students.
Zhang Furong, deputy president of the ICBC, said that his bank' s loans account for 48 percent of the total loans used to support college and university students, which enjoy an interest discount from the State treasury.
He said that so far over 83,500 students from 148 colleges and universities have used ICBC loans, accounting for 49 percent of the total number of students that use bank loans to support their study.
The ICBC pioneered in granting loans to support students in August 1999, when it opened its business to colleges and universities in the cities of Beijing, Shanghai, Tianjin, Chongqing, Wuhan, Shenyang, Xi'an and Nanjing.
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