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Bank of China Promises Huge Loan to Xiamen Airlines
The Bank of China signed an agreement Friday with Xiamen Airlines, promising to provide a credit line of one billion US dollars to the airline company in 2001.
The bank will also offer the airline company financial services including short-, moderate- and long-term loans, bank guarantees, international settlement, trade financing and consultation.
The bank began to support the import of large passenger planes for Chinese airline companies through bank guarantees and financing in the 1980s.
Founded 15 years ago, Xiamen Airlines is China's first comprehensive local airline company, with a fleet of 23 Boeing planes and a total net asset valued at 1.189 billion yuan (US$143 million).
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