CCB offers development credit to N. China province
(Xinhua)
Updated: 2006-01-17 15:24

China Construction Bank (CCB) will provide 100 billion yuan (12.5 billion U.S. dollars) of credit to north China's Shanxi province in the next five years.

CCB President Chang Zhenming signed a credit agreement with Yu Youjun, governor of Shanxi on Monday.

According to the agreement, the bank will provide 90 billion yuan (11.3 billion U.S. dollars) of loans for Shanxi's projects in the coal, power, metallurgy, environmental protection and infrastructure construction sectors.

Another 10 billion yuan (1.2 billion U.S. dollars) will go to small and medium enterprises in Shanxi.

Chang said CCB will provide long-term and stable financing services to Shanxi.

Insiders say that the cooperation between the bank and Shanxi will help to prevent financial risks and facilitate Shanxi's efforts to build itself into an energy and industrial base.