BOC to e milling machine xtend RMB 300 bln in credit to Hubei

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BOC to e milling machine xtend RMB 300 bln in credit to Hubei
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BOC to extend RMB 300 bln in credit to HubeiPublished: 09 Mar 2009 18:35:36 PST

Mar. 9, 2009 (China Knowledge) – Bank of China (BOC)<601988><3988>, the nation’s second-largest lender, signed agreements with Hubei Provincial Government over the weekend to extend comprehensive credit worth up to RMB 300 billion for key projects, sources reported.

The credit line will be mainly used to finance transportation, infrastructure, electricity, iron and steel, automobile and agricultural projects.

The bank also signed a strategic development agreement with China Three Gorges Project Corp (CTGPC), extending as much as RMB 50 billion in credit for its key projects.

Furthermore, BOC’s Hubei branch also signed strategic cooperation agreements with Wuhan Iron and Steel (Group) Corp (Wisco), Dongfeng Automobile Co Ltd<600006> and China Gezhouba Group Co Ltd<600068>.

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