freeslotmachinesnodownload|China's central bank reports progress on relending facility for sci-tech innovation
BEIJING freeslotmachinesnodownload , June 15 (Xinhua) -- China's central bank has reported its progress on the special relending facility in supporting sci-tech innovation, technical transformation and equipment renewal freeslotmachinesnodownload .
The central bank has selected nearly 7,000 firms as the first batch of eligible firms and recommended them to 21 banks, the People's Bank of China (PBOC) said in a statement.
According to the PBOC, of the special relending facility worth 500 billion yuan (about 70.47 billion U.S. dollars), 100 billion was earmarked to support first loans to sci-tech-oriented small and medium-sized firms in their early development or growth stage.
The PBOC said in April, when the facility was established, that the interest rate of the one-year facility stands at 1.75 percent. It can be extended twice, with a one-year term each.
The facility aimed to help key sectors become more digitalized, smart, advanced, and green, according to the PBOC. ■