ICBC Extends $14.5 Billion to Beijing Cultural and Tourism Enterprises Amid Coronavirus Outbreak
Posted on 03/28/2020
Bank officials at the Industrial and Commercial Bank of China Limited (ICBC) expects asset quality to worsen in 2020, as the Wuhan coronavirus (COVID-19) outbreak strains the local Chinese economy, thus impacting Chinese borrowers.
On another note, ICBC and the Ministry of Culture and Tourism of the People’s Republic of China signed a strategic cooperation agreement to assist cultural and tourism businesses in Beijing. ICBC plans to provide up to 100 billion CNY (US$ 14.5 billion) in financing and credit to these businesses for them to resume work.