Bank to Offer 10-billion-yuan Credit to Power GiantThe Bank of China (BOC) will provide a credit line of 10 billion yuan to support the business of the Huaneng International Power Development Corporation (HIPDC), according to an agreement signed in Beijing Tuesday, December 26.HIPDC is one of China's leading independent power generators and has completed 21 state power construction projects since its establishment in 1985. It has built 16 power plants along the country's developed coastal regions with a total installed capacity of over 12 million kilowatts. Liu Mingkang, president of BOC, said BOC has provided long-term credit totaling US$3.67 billion to the company over the past 15 years. The bank will continue to support Huaneng by providing it with high quality financial services from retail settlement to investment bank businesses, Liu added. In 1985, Huaneng Group and five other institutions including the Bank of China Hong Kong jointly established HIPDC. It later established the Huaneng Power Development Co., Ltd., which was listed first on the New York Stock Exchange and then on the Hong Kong Stock Exchange. So far, Huaneng has utilized overseas investment of US$5.7 billion, with US$4.7 billion in loans and the remaining one million dollars raised at the international capital market. |
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