3 banks to provide RMB95b loan for Fuzhou infrastructure construction

Updated: 29 Mar 2012
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On the morning of March 20, the Fuzhou Municipal Government signed a cooperation agreement in the 12th Five-Year Plan period with the China Construction Bank (CCB), Fujian Provincial Branch, Bank of China (BOC), Fujian Provincial Branch and China Citic Bank (CNCB) Fujian Provincial Branch.

The banks intend to provide 95 billion yuan ($15billion) for infrastructure construction of Fuzhou.

The banks will provide financial services and credit aid for key projects, infrastructure, competitive industry, emerging industry, trade and economic cooperation with Taiwan, micro, small and medium-sized enterprises and people’s livelihoods.

CCB Fujian Provincial Branch will earmark no less than 50 billion yuan for urban development in the next five years.

It will release at least one-third of credit resources to Fuzhou to support construction of the transportation system and urban infrastructure, leading industries, transformation of traditional industries, strategic emerging industries, construction of strait industrial belts, development of cultural industries, small- and medium-sized enterprises, new countryside plan and old city upgrading.

CNCB Fuzhou Provincial Branch will provide loans of 15 billion yuan ($2.39billion) to finance the expressway and railway construction, local enterprises, construction and renovations of national and provincial highways, major energy projects and the county economic development.

It is the second cooperation between the Fuzhou Municipal Government and local financial institutions.
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