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IB Grants Initial Loan of RMB 200 Million for Quake-hit Area Reconstruction

In the wake of the devastating earthquake that struck Sichuan, the Industrial Bank, responding to the government's calls to place disaster relief and rescue above everything else, has taken a series of steps to bolster its financial services and offer financial support to reconstruction in the disaster area. On May 19, the Industrial Bank signed an agreement with the CDCI (Chengdu City Construction Investment & Management Group Co., Ltd.), Chengdu Government's principle party in the reconstruction, which will see the bank providing an initial loan of RMB 200 million Yuan for the reconstruction of roads, sewage works, bridges and other damaged infrastructure as well as the demolition, rebuilding and renovation of heavily damaged houses and properties in disaster-struck areas.

The Industrial Bank's Loan for reconstruction arrived before any other joint-stock commercial bank in China and is yet to be exceeded in amount. What's more, the interest rate on the loan is 10% lower than that of standard loans, having been set according to the minimum interest rate stipulated by the People's Bank of China. The Industrial Bank's reconstruction loan is mid-long term in tenure, and will ensure that there is capital for reconstruction on a long term basis. Following this initial RMB 200 million Yuan loan, the Bank is planning to offer larger loans over a wider area in the future. IB is committed to offering more financial support for areas damaged in the earthquake and help affected people get through this difficult and trying time.