Alibaba offers $2.86 billion in loans to firms hit by coronavirus outbreak

SHANGHAI (Reuters) – Alibaba Group Holdings said on Monday its affiliate Ant Financial’s WeBank unit would offer 20 billion yuan ($2.86 billion) in loans to companies in China in light of the coronavirus outbreak, with preferential terms for Hubei firms. Alibaba made the announcement in a statement posted on its official Weibo account. The loans will carry low interest rates, it added.

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