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CDB issues 2 bln yuan in loans to Ningxia new materials firms

chinadaily.com.cn| Updated:February 18, 2022


An employee works at a plant of an energy storage material company in Yinchuan, the Ningxia Hui autonomous region. [Photo by Yu Jing/China News Service]

Since 2021, the Ningxia branch of China Development Bank (CDB) has issued loans totaling 2.03 billion yuan ($320 million) to new materials companies, including Ningxia Tayho Aramid Fiber Co. and Ningxia Sinochem Lithium Battery Materials Co., providing financing support for their industrial development.

When Ningxia Tayho Aramid Fiber Co. was founded in July 2018, Ningxia CDB provided a 10-year loan of 390 million yuan for its aramid fiber project. The branch also issued a 3-year loan of 50 million yuan to the enterprise for the resumption of work and production after the company was impacted by the COVID-19 pandemic.

To meet the personalized financial needs of enterprises in the process of foreign trade procurement, the branch has issued letters of credit totaling $800,000, eliminating obstacles in the settlement of enterprises’ international trade activities and meeting their capital demands.