Corona Virus, Alibaba Offers Cheap Credit of IDR 40 Trillion – Alibaba Group Holdings (BABA.N) announced that it would offer loans of 20 billion yuan or IDR 40 trillion to companies in China, which were affected by the Corona outbreak.
The loan, offered on Monday through the affiliate unit MYBank Ant Financial, is a special opportunity for companies operating in Hubei Province. The province has been the center of the spread of the Corona virus outbreak since December 2019.
Funds of 10 billion yuan will lent to companies in Hubei Province. The company will get a loan for one year with a zero percent interest rate for the first three months and a 20% discount from the normal level for the remaining nine months.
Corona Virus, Alibaba Offers Cheap Credit of IDR 40 Trillion
“Companies throughout China can also get access to another 10 billion yuan in loans for one year at a 20% discount,” Reuters reported on Monday, February 17, 2020.
Alibaba Group Management also announced it would waive platform fees for traders in the Tmall online market for the first six months of 2020.
Management also prepared a fund of 1 billion yuan or Rp 2 trillion to support restaurants, logistics, and supply companies. 99 Bandar
Regulators in China have urged banks there to reduce interest rates and provide loans to companies affected by the plague. The Chinese central bank has also added liquidity in the banking industry by around Rp2,400 trillion.
Workers began entering offices and factories in China on Monday this week after the government relaxed restrictions on working hours to prevent the spread of the Corona virus outbreak.
This Corona virus, as reported by SCMP, has claimed as many as 1.873 lives and infected victims as many as 73,429 people in 25 countries with the majority located in China. Five of the dead were in other countries such as Taiwan, Hong Kong, Japan, France and the Philippines.