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Bank of China Goes Abroad to Raise Funding
The Bank of China has raised US$470 million from the international sources as of this June to help complete the funding for ten projects.
Since the beginning of this year, the Bank of China has been going overseas to raise money for infrastructure projects. The Bank of China has received government loans, mixed loans and discounted loans from Finland, Australia, Sweden, Canada and Israel. These loans are long-term and low interest.
The projects needing funds include: the US$350 million Lianyungang power plant designed to alleviate power shortages in central China; China¡¯s most technically advanced dredger project, whose contract is worth 72 million euro; electrical power projects in Sichuan and Guizhou as well as a environmental protection monitoring program in Beijing.
Established in 1912, the Bank of China is China¡¯s oldest bank. In 1979, the State Council entrusted the state-owned bank to manage China¡¯s foreign exchange business. It has 557 branches overseas on all six continents.
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