Loan

Coronavirus latest: China-backed AIIB approves $750m Philippine loan

The Nikkei Asian Review is tracking the spread of the new coronavirus that originated in the central Chinese city of Wuhan.

Global cases have reached 5,722,859, according to Johns Hopkins University.

The worldwide death toll has hit 356,279.

To see how the disease has spread, view our virus tracker charts:


(Source photo by AP) 

Here are the latest developments (Tokyo time):

Friday, May 29

12:10 p.m. The Beijing-backed Asian Infrastructure Investment Bank has approved a $750 million loan to the Philippines to help the country cope with the pandemic. The project, co-financed by the Asian Development Bank, is

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Tesla secures $565m loan from Chinese bank for Shanghai plant

PALO ALTO, U.S. — Tesla has entered into an agreement with a Chinese bank for an unsecured revolving-loan facility of up to 4 billion yuan ($565 million), according to a regulatory filing Friday.

The credit line will be used for “continued expansion of production at Gigafactory Shanghai,” the American electric-car manufacturer said in the filing.

A branch of Industrial and Commercial Bank of China in Shanghai’s Pilot Free Trade Zone is the lender. The bank has previously participated in a 9 billion yuan ($1.29 billion) term loan that Tesla borrowed from a group of Chinese lenders in December 2019.

The

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Tesla secures $560m loan from Chinese bank for Shanghai factory

PALO ALTO, U.S. — Tesla said it entered into an agreement with a Chinese bank for an unsecured revolving loan facility of up to 4 billion yuan ($565 million) on Thursday, according to a regulatory filing on Friday.

The credit line will be used for “continued expansion of production at Gigafactory Shanghai,” Tesla said in the filing.

A branch of Industrial and Commercial Bank of China in Shanghai’s Pilot Free Trade Zone is the lender. The bank has previously participated in a 9 billion yuan ($1.29 billion) term loan that Tesla borrowed from a group of Chinese lenders in December

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Chancellor U-turn gives coronavirus loan hope to millions of small firms

Rishi Sunak has launched a new “Business Bounce Back” loan scheme for more than 5 million of Britain’s smallest firms following massive pressure over fears they were being  failed by Treasury rescue efforts.

The Chancellor’s new lending programme will be backed by a 100pc taxpayer guarantee and is intended to ensure that businesses floundering in the wake of the lockdown get the support they need.

Mr Sunak also removed a key hurdle in the main Coronavirus Business Interruption Loan Scheme (CBILS) after growing anger over the stuttering performance of the initiative, which is designed to get vital credit to businesses

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