ABC Grants 1.2 Billion U.S. Dollar Credit Loan to Shanghai Rail Projects

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Last updated at: (Beijing Time) Sunday, December 23, 2001

ABC Grants 1.2 Billion U.S. Dollar Credit Loan to Shanghai Rail Projects

The Agricultural Bank of China announced over the weekend that it is offering a credit extension of 10 billion yuan (1.2 billion U.S. dollars) to two rail transportation projects in Shanghai.

The Agricultural Bank of China announced over the weekend that it is offering a credit extension of 10 billion yuan (1.2 billion U.S. dollars) to two rail transportation projects in Shanghai.

Yang Mingsheng, vice-president of the bank, said his bank will provide an 8 billion yuan credit extension to the Yangpu rail transportation project, and 2 billion yuan to the Pudong magnetic levitation passenger train project.

Shanghai, the industrial and business center in China, plans to build ten rail transportation projects from 2001 to 2005.

When the projects are completed, Shanghai will become the eighth city in the world with railway lines exceeding 200 km in length.

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