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Chinese Bank Grants Project Loans of 70 Billion Yuan
The Industrial and Commercial Bank of China (ICBC) granted loans of 70 billion yuan (about 8.5 billion US dollars) to infrastructure and for enterprises' technological upgrading projects.
A spokesman for the ICBC said Thursday that over the past few years the bank has launched a strategic readjustment on its credit structure, and paid major attention to developing a project credit business.
So far the ICBC has formulated guiding principles for investment in metallurgy, motor vehicles, power, chemical polythene fiber, highway and other industries, and guided its branches to actively restructure their credit clients, industries and projects, and give credit priority to listed companies and large enterprises with low risks and high credit.
He said that the structure of the bank's project credit has developed from solely technological remolding loans to balanced support for infrastructure and technological advancement, and the outstanding infrastructure credit has risen from less than 5 percent five years ago to the present, over 30 percent, and has further developed into emerging industries and non-production fields.
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