Taiwan approves additional loans of $ 3.4 billion for SMEs affected by pandemic

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FILE PHOTO: Workers build bicycles at a factory owned by Acetrikes manufacturers in Changhua, Taiwan, August 14, 2020. REUTERS / Ann Wang

TAIPEI (Reuters) – Taiwan’s central bank said on Tuesday it had agreed to provide $ 100 billion ($ 3.44 billion) in additional financing to small and medium-sized businesses to help them cope with the impact of the coronavirus pandemic, bringing the total to T $ 300 billion.

In March, the central bank made T $ 200 billion in financing available to banks to provide preferential loans to businesses affected by the effects of the coronavirus in the tourism, transportation and other sectors.

Financial institutions have provided $ 170 billion in loans to SMEs since April 1, but the pandemic as it spreads globally is still causing operating cash flow problems for some businesses, the bank said. in a press release.

While Taiwan is keeping the pandemic under control through early and effective prevention work, with only 23 active cases, it has largely closed its borders to foreign visitors, hammering the travel and tourism industry.

However, Taiwan’s export-dependent economy has generally held up well thanks to demand for its tech products like tablets, as the pandemic forces millions of people to work from home around the world.

The central bank revised its growth outlook for the year this month.

Earlier on Tuesday, the government reported August’s unemployment rate, which fell for a third consecutive month, after peaking more than six years in May.

Reporting by Liang-sa Loh; Writing by Ben Blanchard; edited by Louise Heavens

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