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China Central Bank to Set Up $70 Bln Tech Re-lending Program

People sit around near a display showing a cartoon depiction of a Panda at a shopping mall in Beijing, China, Friday, April 5, 2024. (AP Photo/Tatan Syuflana)
People sit around near a display showing a cartoon depiction of a Panda at a shopping mall in Beijing, China, Friday, April 5, 2024. (AP Photo/Tatan Syuflana)
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China Central Bank to Set Up $70 Bln Tech Re-lending Program

People sit around near a display showing a cartoon depiction of a Panda at a shopping mall in Beijing, China, Friday, April 5, 2024. (AP Photo/Tatan Syuflana)
People sit around near a display showing a cartoon depiction of a Panda at a shopping mall in Beijing, China, Friday, April 5, 2024. (AP Photo/Tatan Syuflana)

China's central bank will set up a 500 billion yuan ($70 billion) re-lending program to support the country's science and technology sectors, according to a statement released on Sunday.

The program will offer loans via 21 banks to small and midsize technology companies at an interest rate of 1.75%, Reuters reported.

The one-year loans can be extended twice, for up to a year each time, the statement said.

China's policymakers look to boost liquidity and increase confidence in the world's second-biggest economy amid headwinds from a property crisis and frictions with major trading partners.

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Global Tech Outage to Cost Air France KLM Close to $11 mln

Air France planes are parked on the tarmac at Paris Charles de Gaulle airport, in Roissy, near Paris, Saturday, April 7, 2018. Some 30 percent of Air France flights were cancelled Saturday as strikes over pay rises appear to be intensifying. (AP Photo/Christophe Ena)
Air France planes are parked on the tarmac at Paris Charles de Gaulle airport, in Roissy, near Paris, Saturday, April 7, 2018. Some 30 percent of Air France flights were cancelled Saturday as strikes over pay rises appear to be intensifying. (AP Photo/Christophe Ena)
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Global Tech Outage to Cost Air France KLM Close to $11 mln

Air France planes are parked on the tarmac at Paris Charles de Gaulle airport, in Roissy, near Paris, Saturday, April 7, 2018. Some 30 percent of Air France flights were cancelled Saturday as strikes over pay rises appear to be intensifying. (AP Photo/Christophe Ena)
Air France planes are parked on the tarmac at Paris Charles de Gaulle airport, in Roissy, near Paris, Saturday, April 7, 2018. Some 30 percent of Air France flights were cancelled Saturday as strikes over pay rises appear to be intensifying. (AP Photo/Christophe Ena)

Air France KLM faces a hit of about 10 million euros ($10.85 million) from last week's global technology outage, finance chief Steven Zaat said on Thursday.

The group is one of the first airlines to disclose a cost linked to the disruption, Reuters reported.

"The expectation is that it will cost us around 10 million (euros)," Zaad said in a press call, adding that KLM and Transavia bore the brunt of the disruptions while Air France was not seriously affected.

A software update by global cybersecurity company CrowdStrike triggered systems problems that grounded flights, forced broadcasters off air and left customers without access to services such as healthcare or banking last Friday.

Delta Air Lines has been the slowest among major US carriers to recover from the outage. The carrier has cancelled more than 6,000 flights since Friday and analysts estimate the hit to its bottom line could be in the hundreds of millions of dollars. ($1 = 0.9213 euros)