Finance News

Taiwan firms get US$4.5b credit line

BANK of Shanghai will provide at least 30 billion yuan (US$4.5 billion) of loans, discounts, trade finance and bonds to Taiwan-invested companies registered in Shanghai over the next two years under a cooperation pact signed yesterday between the bank and the Taiwan Affairs Office in Shanghai.

It’s the seventh agreement signed and would help Taiwan businesses cut their manufacturing and operating costs in the city as well as accelerate transformation and upgrading.

“There are more than 12,500 enterprises with Taiwan investment in Shanghai and over 80 percent of them are medium or small sized, who have difficulties to obtain financing,” Li Zhenghong, director of the Shanghai Association of Taiwan Investment Enterprises, said. “The agreement will definitely provide them the necessary help.”

The bank has given over 100 billion yuan of financial support to Taiwan-invested companies since 2006 when the first pact was signed.
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