SDB opens branch to fund western development

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Last updated at: (Beijing Time) Saturday, February 14, 2004

SDB opens branch to fund western development

The State Development Bank (SDB), a major policy bank, Friday opened a branch in Xining, capital of northwest Qinghai Province, to support economic growth in the country's vast western areas.

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The State Development Bank (SDB), a major policy bank, Friday opened a branch in Xining, capital of northwest Qinghai Province, to support economic growth in the country's vast western areas.

The establishment of the branch, which offers credit, savings and settlement services, was prompted by the potential and demand for economic development, said Chen Yuan, SDB president.

The SDB would cooperate with local governments in finance and money raising, said Chen.

The SDB had contributed over the years to economic development in Qinghai, said provincial Governor Yang Chuantang.

Established in 1994, the SDB has so far granted more than 1.14 trillion yuan (137.7 billion US dollars) in loans, half of which flowed into the west of the country.

By 2003, the SDB had extended 17.2 billion yuan (2 billion dollars) to Qinghai to support local power, petroleum, road construction, and other big projects.

Source: Xinhua

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