Chinese banks approve 79 mln yuan in credit facilities after Gyirong mudslide

BEIJING, Sept. 8 (Xinhua) -- Chinese banks and insurers have stepped up financial support and services following the mudslide that hit the border port of Gyirong in southwest China's Xizang Autonomous Region, the National Financial Regulatory Administration said Tuesday.

As of 5 p.m. Tuesday, banks had granted credit totaling 79 million yuan (about 11.65 million U.S. dollars) to businesses affected by the disaster and those supporting disaster relief and the provision of essential supplies.

They had also issued 32 loans totaling 53.53 million yuan to related businesses and individuals.

As of the same time, insurers had estimated losses at 450 million yuan, including nearly 200 million yuan under accident insurance and 210 million yuan under non-auto policies such as engineering, liability and property insurance. They had received 142 related claims and paid out more than 4.47 million yuan.

Banking institutions in the disaster-hit area maintained emergency cash reserves of more than 207.81 million yuan, 280,000 U.S. dollars and 2.65 million Nepalese rupees (about 17,554.71 U.S. dollars) to meet demand for cash withdrawals, fund transfers and foreign-currency exchange services.

For the borrowers that had been affected by the disaster, the Agricultural Bank of China's Gyirong Port branch granted extensions on 638 loans totaling 114 million yuan.

A fast-moving chain mudslide, triggered by a high-altitude glacier collapse in Nepal, struck Gyirong Port on the China-Nepal border in Xizang on Aug. 26.

Chinese rescuers immediately launched all-out search and rescue operations.

As of 6 p.m. Saturday, 43 people had been confirmed dead and 519 others were still missing. A total of 261 foreign nationals from 23 countries have been identified as being among those missing.