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BOC extends $8.78b credit line for aircraft firm
(Xinhua)
Updated: 2009-02-06 21:38 The Bank of China (BOC) will extend a 60 billion yuan ($8.78 billion) credit line to Aviation Industry Corp of China (AICC), the country's major State-owned aircraft builder, the lender said.
Under the agreement signed Friday, BOC pledged to build a "long-term, comprehensive" strategic partnership with AICC and help the group expand overseas.
AICC sealed strategic cooperation agreements with 10 Chinese commercial banks Thursday, which gave it access to 176 billion yuan in credit lines. AICC, a conglomerate under the direct administration of the central government, was formed on November 8 by the merger of two other companies. It has 200 subsidiaries, more than 20 listed companies, total assets of more than 290 billion yuan and about 400,000 employees. (For more biz stories, please visit Industries)
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