Bank of China boosts loan for Taiwan investment

The Bank of China will allocate around 200 billion Yuan ($31.75 billion) towards financing Taiwanese businesses during the next three years, bolstering commercial and economic cooperation between the two sides. According to the China news agency, the Bank had vowed in December 2008 to provide 50 billion Yuan in support of financing Taiwan small and medium enterprises from 2009-2011, to bolster economic cooperation between the Taiwan Strait parties and face the global economic crisis. Until the end of 2011, over 50 billion Yuan have been provided. The bank said it has so far established business relations with more than 700 Taiwanese-funded companies, providing them with nearly 170 billion Yuan of loans over the last three years.