SDB Furthers Financial Cooperation with Guangdong

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Last updated at: (Beijing Time) Thursday, January 10, 2002

SDB Furthers Financial Cooperation with Guangdong

China's State Development Bank (SDB) has promised to grant a loan of 60 billion yuan (about 7.23 billion U.S. dollars) to south China's Guangdong Province for key infrastructure projects.

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China's State Development Bank(SDB) has promised to grant a loan of 60 billion yuan (about 7.23 billion U.S. dollars) to south China's Guangdong Province for key infrastructure projects.

The entire sum will go toward completing expressways, an information network, a water supply network for both domestic and industrial use, a power grid, subway, light rails, airports and seaports.

Aiming to lay a solid foundation between 2001 and 2005 for the province's modernization, Guangdong will start an all-round cooperation with the SDB, optimize the secondary industry and improve the tertiary sector, according to provincial Governor Lu Ruihua.

And the SDB promised to grant a loan on favorable terms for theprovince's enterprises proved to be financially solid.

By the end of 2001, the SDB had loaned 44.8 billion yuan in Guangdong Province, excluding the city of Shenzhen, for a total of104 projects involving petrochemistry, telecommunications and urban construction.