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Bank Supports Shanghai's Beach Reclaiming Project
The Shanghai branch of the Industrial and Commercial Bank of China (ICBC) has agreed to offer a credit line of 500 million yuan (60 million U.S. dollars) to Shanghai Beach Reclaiming Ltd. for part of the city's 10-year beach reclaiming project, a bank official said Monday.
As a booming metropolis on China's east coast, Shanghai continually needs more usable land, and reclaiming land on the sea shore has proved viable option.
Over the past fifty years, Shanghai has gained 78,500 hectares of reclaimed land, which is now occupied by a vegetable production base, a steel plant, and an international airport.
Encouraged by the success in the past, the city government has worked out a plan to reclaim at least 40,000 hectares of land from the sea by the year 2010.
Ji Xiaohui, head of the ICBC Shanghai branch, said the bank is willing and able to provide full-scale financial support for the city's land reclamation plan.
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