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

SHANGHAI: 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.