Macau – A casino operator with headquarters in Hong Kong; Galaxy Entertainment Group, has today announced that it has subscribed to social bonds, issued by Bank of China Macau to help alleviate some of the impact on small and medium-sized enterprises during the coronavirus crisis.
In response to the Macau government calling on corporations to support small businesses in the region, social bonds have been issued by Bank of China Macau to help overcome the financial hurdles that small and medium-sized enterprises are faced with during this difficult period.
Bank of China is one of the four biggest state-owned commercial banks in China. It became a note-issuing bank in Hong Kong in 1994, and in Macau in 1995.
As a number of businesses in the special administrative region struggle to operate, the money raised from the social bonds will be utilised to provide specific loans with the primary aim of reducing the financial burden of SME’s in Macau, particularly in the healthcare and medical supply fields.
The move is reportedly the first ever certified social bonds issue by Bank of China.
Galaxy Entertainment Group, which has stated that it would return to full capacity only after guest demand had increased, is adopting a ‘Large Businesses Leading Small Businesses’ model and Francis Lui, Vice Chairman said:
“Different organizations in Macau have been standing strong together in the fight against COVID-19. We appreciate the prompt efforts made by BOC Macau to support local SMEs and foster the recovery of the local economy, including the issuance of the Social Bonds.”
Lui elaborated on why it is important to act now:
“Through BOC Macau’s financial market insight, professional services and rich experiences in working with SMEs, GEG believes our HK$100 million subscription of the Social Bonds will help offer prompt and efficient assistance to local SMEs and alleviate their operating and financing pressures amid this critical period.”