ICBC provides US$1.17b loans for quake zone

The Industrial and Commercial Bank of China (ICBC) announced on Tuesday that it has provided 8.06 billion yuan ($1.17 billion) in loans to companies and public utilities for reconstruction after the May 12 earthquake.

The ICBC, the country's largest lender, also said it had signed a financing agreement for supporting reconstruction projects with the municipal government of Chengdu, the capital of Sichuan Province.

China's financial agencies had issued a total of 52.95 billion yuan in reconstruction loans for quake-stricken areas by Sunday, of which 44.6 billion yuan went to the hardest-hit Sichuan.

Meanwhile, the government has allocated 54.82 billion yuan to a disaster relief fund, including 49.71 billion yuan from the central budget and the rest from local budgets.

The death toll from the quake stood at 69,195 as of Tuesday noon.