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ICBC Gives Full Support to Development of Western Regions
The Industrial and Commercial Bank of China (ICBC) will give full support to the development of the less developed areas in West China, said Jiang Jianqing, president of the ICBC.
Jiang said Monday that the ICBC will focus its support on infrastructural construction in western provinces, especially projects in transportation, electric power transmission networks, telecommunications, energy, water and gas supply that have been listed in the state's overall development plan.
He said that the ICBC has always given financial support to the economic development of western areas. In 1998 the ICBC provided loans of 9.05 billion yuan (about 1.15 billion U.S. dollars) to finance 18 projects in highways, urban electric power supply projects, urban construction and telecommunications projects in western areas.
In 1999, the ICBC further stepped up its support to infrastructural construction in western areas, and at the same time channeled more loans to technological remolding and high-tech projects of key enterprises in these areas, ratifying 104 projects so far with loans of 6.7 billion yuan.
He said that this year the ICBC will continue to support infrastructural construction in western areas, and will readjust its loaning policies according to the characteristics of different projects.
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