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BOC to lend Hubei Province $44b for construction

(Xinhua)
Updated: 2009-03-09 20:32

BEIJING -- The Bank of China (BOC) said Monday that it had signed an agreement to provide the central province of Hubei with 300 billion yuan ($43.9 billion) in loans for construction.

The Beijing-based bank said the loans would support projects in urban infrastructure, transportation, electricity, iron and steel, automobiles and other industries, as well as agricultural programs. It said the lending program would last for several years.

The bank also agreed to provide the state-owned China Three Gorges Project Corp. with up to 50 billion yuan to finance the Hubei-based company's "going global" strategy.

The BOC signed an agreement last week with Sichuan Province to provide areas hit by the May 12 quake with at least 300 billion yuan in loans for reconstruction over the next five years.