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Bank of China to lend $44b in Sichuan for rebuilding

(Xinhua)
Updated: 2009-03-04 21:26

BEIJING -- Bank of China (BOC) signed an agreement here Wednesday with Sichuan Province to provide areas hit by the May 12 quake with at least 300 billion yuan ($43.9 billion) in loans for reconstruction over the next five years.

Related readings:  ADB offers $400m for quake rebuilding  Quake-hit Sichuan to invest $441B for rebuilding by 2010  China announces industrial plan on quake rebuilding  More credit support asked for post-quake rebuilding

The Sichuan government has estimated post-quake rebuilding will cost more than 1.6 trillion yuan.

The Beijing-based bank, one of the country's top four lenders, said it would also offer financing support for small and medium-sized companies in Sichuan.

The 8.0-magnitude quake, centered in Sichuan, left more than 80,000 people dead or missing and millions homeless.