Taiwanese banks to smash NT$200 billion lending target in support of 5+2 Innovative Industries Plan

Taiwanese lending to industry transforming projects exceeds plans, will break through NT$200 billion barrier before end of year

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Financial Supervisory Commission Chaiman Wellington Koo

Financial Supervisory Commission Chaiman Wellington Koo (By Central News Agency)

TAIPEI (Taiwan News) – Taiwanese banks are expected to smash this year’s NT$200 billion (US$6.48 billion) lending target in support of the 5+2 Innovative Industries Plan, reports said.

Government statistics show that in the first eight months of 2018, Taiwanese banks lent NT$199.4 billion in support of ventures linked to the government policy, with further lending expected, reported Liberty Times.

The 5+2 Innovative Industries Plan is a flagship policy of Taiwan President Tsai Ing-wen (蔡英文), and is designed to promote seven industries which are expected to help transform Taiwan’s economy.

The plan champions agriculture, biomedical, circular economy, defense, green energy, Internet of Things, and smart machinery, with hopes of bringing about an increase in high paying jobs and more equal development across Taiwan.

The Financial Supervisory Commission (FCC) said that in order to help support ventures relating to the 5+2 innovative industries plan, it will reward banks who support programs which turn out to be viable and beneficial.

The FCC went on to say that lending has gone ahead of schedule, and is confident that the practice will lead to significant industrial upgrading as part of the 5+2 policy.