THE central bank said Sunday it will offer a 300 billion yuan (US$43 billion) boost this week to help businesses involved in fighting the virus epidemic.

The People’s Bank of China (PBOC) offered the first tranch of special re-lending funds yesterday, which it said will support financial institutions to give loans to key enterprises involved in the prevention and control of the epidemic.

PBOC Deputy Governor Liu Guoqiang said that nine major national banks, as well as local banks in 10 provinces and cities, qualify for the special funding, according to a speech posted on the bank’s website.

These 10 areas include Hubei Province, as well as Zhejiang, Guangdong, the capital city of Beijing and financial hub Shanghai.

The financial boost is aimed at helping companies at both national and local level, Liu said.

He stressed that “financial institutions need to review and issue loans quickly,” and that they should also release funds within two days.

The deputy governor added that the central bank will track the use of the funds and any found to flout the rules will be penalized.

He also said the scope of key enterprises “should not be too wide.”

The central bank has called on financial institutions to avoid “blindly” cutting off loans from industries, as well as small and micro enterprises.

It also announced that it would pump 1.2 trillion yuan into financial markets as it ramped up support for the virus fight.

High-quality Chinese companies affected by the coronavirus outbreak will also be allowed to issue bonds to refinance debts due in 2020, according to the National Development and Reform Commission.(SD-Agencies)