Guangdong firm signs US$20m loan

FIVE Japanese banks have signed a US$20 million loan facility with the Guangdong International Trust and Investment Corp (GITIC).

The three-year facility, which was priced at 0.5 percentage point above the London interbank offered rate, was arranged by Dai-Ichi Kangyo Bank.

The other participating banks were Hokuriku Bank, Chuo Trust and Banking, Hiroshima Bank and Fukuoka City Bank.

GITIC, which aims at assembling funds from overseas and domestic sources for mainland investment, is a state-owned financial institution directly under the Guangdong provincial government.

The facility will be for GITIC's long-term working capital purposes.