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Bank of China offers 25b yuan lifeline for firms

By Mao Lijun (China Daily)
Updated: 2008-06-04 10:32

Bank of China (BOC), one of the country's Big Four banks, has given a 25 billion yuan ($3.57 billion) credit line to Panzhihua Iron & Steel Group and Anhui Conch Cement Co to help their rebuilding efforts in earthquake-hit areas.

Sichuan-based Panzhihua Iron & Steel Group, southwest China's biggest steelmaker, received a 20 billion yuan credit line, BOC said yesterday.

Anhui Conch Cement Co, the country's biggest cement producer, which previously got a 23 billion yuan loan from BOC, got an additional 5 billion yuan yesterday.

The loans will help Conch and Panzhihua meet the demand for building materials and resume production in Sichuan at the earliest as the province embarks on a gigantic reconstruction process.

The earthquake damaged more than 4.7 million houses and halted production of some cement and steel factories.

Panzhihua had to halt production at two of its factories that were razed by the quake.

The group will also get other financial support including liquidity loan and fixed-asset loan services, cash management and financial consulting services from BOC, the bank said.

Conch Cement, based in Wuhu, Anhui province, plans to build new factories in Guangyuan and Dazhou in Sichuan.

"The new factories will help boost Conch's cement manufacturing capacity in Sichuan to 12 million tons by 2010," Guo Jingbin, executive director of Conch Cement Co, said yesterday.

Conch Cement will start building the new factories from July, the company said.

Sichuan will need about 100 million tons of cement for reconstruction in the coming three to five years, experts said.