Alibaba Offers Loans worth $2.86 Billion to Companies Hit by Coronavirus

China, coronavirus, coronavirus outbreak, Alibaba, loans, companies, firms, Hubei,
Alibaba Offers Loans worth $2.86 Billion to Companies Hit by Coronavirus

Alibaba Group Holdings’ affiliate of Ant Financial’s MYBank unit would provide 20 billion yuan ($2.86 billion) in loans to companies in China in the time of the coronavirus outbreak, with preferential terms for Hubei firms, reports Reuters.

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The company said 10 billion yuan ($1.43 billion) would be made available for companies in Hubei which is the central Chinese province that is the epicenter of the outbreak. The companies will be offered one-year loans on a zero interest rate basis for the first three months and a 20% discount on rates for the remaining nine months. Other companies in China will also receive another 10 billion yuan of one-year loans, on which interest rates will be discounted by 20%, it added.

Source: https://in.reuters.com/article/china-health-alibaba/alibaba-offers-2-86-billion-in-loans-to-firms-hit-by-coronavirus-outbreak-idINKBN2041AK