BUSINESS ICBC New York Branch continues to support local economy amid pandemic

BUSINESS

ICBC New York Branch continues to support local economy amid pandemic

Xinhua

13:48, September 01, 2020

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(File photo: CGTN)

NEW YORK, Aug. 31 (Xinhua) -- ICBC New York Branch will continue to support local economic development by providing credit to various public and private entities and stressing the role of social responsibilities, an official from the bank said Monday.

ICBC New York Branch provided a commitment of 250 million U.S. dollars to a two-year unsecured non-revolving credit line to New York's Metropolitan Transportation Authority (MTA) in May, said Robert O'Brien, head of public finance at ICBC New York Branch.

The bank decided to help MTA overcome difficulties caused by the COVID-19 pandemic while recognizing the great importance of MTA for both the functioning of the New York metropolitan area and regional economic reopening and recovery, O'Brien told Xinhua.

ICBC New York Branch started to engage in public finance business in the United States in 2015, and has been the only Chinese bank participating in America's public finance, according to the bank.

According to the bank, it has donated 100,000 N95 face masks to two hospitals in New York, and 16,000 pairs of gloves, thousands of shoe covers and face shields to another hospital in New Jersey to help local community fight COVID-19.

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