Seventeen major Chinese universities including the Chinese People's University, Shanghai Jiaotong University and Fudan University, will get 6.95 billion yuan in loans from the Industrial and Commercial Bank of China ( ICBC).
According to an agreement signed recently, funds will mainly go to schooling, hardware and software improvement and development, industries, and logistic facilities.
Earlier, the ICBC signed a similar agreement with five other universities including Qinghua, Beida and Tianda. Beijing University will give Tianjin University 2.7 billion yuan in loans.
The Ministry of Education urged the universities to strictly stick to the agreements in implementing their development programs and work out measures to make sure that the loans are paid back as soon as possible.
Seventeen major Chinese universities including the Chinese People's University, Shanghai Jiaotong University and Fudan University, will get 6.95 billion yuan in loans from the Industrial and Commercial Bank of China ( ICBC).
