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ICBC Provides Billons of Financing Credit to Culture and Tourism Industry
 

Industrial and Commercial Bank of China recently signed an Agreement on Strategic Cooperation to Boost Culture and Tourism Business and Promote High-quality Development of the Industry with the Ministry of Culture and Tourism (MCT). In accordance with the agreement, the bank plans to provide RMB100 billion of new financing credit to the culture and tourism industry to speed up work resumption in the industry, and tap investment and consumption potential in culture and tourism.

ICBC, in conjunction with the MCT, will bring into full play of their own advantages, to step up cooperation in key areas, including upgrading of cultural and tourism consumption, building of demonstration cities in cultural and tourism consumption and holiday consumption economy, reinforcement on appraisal cooperation and implementation of selected cultural and tourism projects, construction of Yellow River Cultural Tourism Belt and national culture parks for the Great Wall, the Beijing-Hangzhou Grand Canal and the Long March, enhancing enforcement of poverty-alleviation projects in tourism, and strengthening cooperation on the construction of national demonstration zones of cultural and financial cooperation, national culture industrial park bases, national "all-for-one" tourism demonstration zones and other key projects.

Since the outbreak of the COVID-19 epidemic, ICBC had been consolidating government-bank cooperation and linkage with the MCT, boosting the bailout of culture and tourism business. By far, the bank had granted over RMB14 billion to more than 90 companies in the industry, of which nearly 70 percent are small and micro-sized enterprises, successfully assisting them in relieving funding pressure by way of roll-over, refinancing, and adjusting the interest accrual period. ICBC also issued the first epidemic prevention and control bond worth RMB500 million in the tourism industry for China Tourism Group.


(2020-05-28)
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