Bank to help plane builder expand

Source: Xinhua | February 7, 2009, Saturday |

Print Edition

THE Bank of China is to extend a 60-billion-yuan (US$8.78 billion) credit line to Aviation Industry Corp of China, the country's major state-owned aircraft builder.

Under an agreement signed yesterday, the bank pledged to build a "long-term, comprehensive" strategic partnership with AICC and help the group expand overseas.

The move followed China's latest stimulus measures, announced on Thursday, to bolster the machinery manufacturing industry.

AICC sealed strategic cooperation agreements with 10 Chinese commercial banks on 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.

Finance

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Bank to help plane builder expand

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