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ICBC Supports Transportation Project Construction
The Beijing Branch of the Industrial and Commercial Bank of China (ICBC) signed a contract Monday to grant loans topping 11.63 billion yuan (about 1.4 billion US dollars) to support seven highway projects.
Bank statistics show that these loans will largely go to the construction of the capital's 100-kilometer-long Fifth Ring Road to alleviate traffic congestion in the city.
The new highway, 10-15 km from the city's center Tian'anmen Square, will run through Chaoyang, Haidian, Shijingshan, Fengtai and Daxing districts and is designed for Beijing's Bid for the 2008 Olympic Games.
The new road will connect 10 business areas located on the city 's outskirts, including Dingfuzhuang, Beiyuan and Qinghe.
The construction of the highway includes four phases and is expected to complete by the end of 2003. The total investment on the highway will top 18.9 billion yuan.
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