The Taizhou branch of the People's Bank of China recently helped with a 50 million yuan ($7.02 million) transformational financial loan by the Taizhou branch of Huaxia Bank to manufacturer Apical Oleochemicals (Taixing).
The company is located in the Taixing Economic Development Zone in Taixing city, East China's Jiangsu province.
This marked the successful implementation of Jiangsu's first transformational financial loan business for chemical enterprises in Taizhou.
Apical Oleochemicals' industrial integration project is currently the largest and highest specification foreign investment project in China's integrated grease oil and chemical industry.
It aims to build a grease oil industry integrated production base that is safe, environmentally friendly and highly value-added.
The factory run by Apical Oleochemicals (Taixing). [Photo/WeChat account: txfabu]
In April, the Jiangsu Provincial Branch of the People's Bank of China issued the criteria for the identification and evaluation of financing entities for the chemical industry's transformation.
This helped financial institutions to identify and evaluate projects for the transformation of the sector, reducing the risks caused by transformation financial business.
After the criteria was released, Apical Oleochemicals submitted an application to the Jiangsu Provincial Branch of the People's Bank of China for the recognition.
Subsequently, the Taizhou branch of Huaxia Bank responded, issuing a 50 million yuan transformational financial loan to the company in just three weeks.
The loan also introduces an incentive mechanism to encourage the company to regularly conduct carbon emission reduction performance evaluations.