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EBC Loans Contributes to Shanghai's Development
The Everbright Bank of China (EBC) has granted over 13 billion yuan (1.57 billion U.S. dollars) of loans in recent years to help Shanghai's urban and economic development.
The EBC's Shanghai Branch recently provided 663 million yuan (some 80 million U.S. dollars) in loans to help construct a section of an urban railway, scheduled to open to traffic by 2005, which will be an important part of the city's backbone traffic network.
EBC vice president Shan Jianbao said the bank will continue to support Shanghai in its economic growth.
Sources here say that by the end of September, EBC loans had helped the development of diverse industries in Shanghai, including automobile, water conservancy, shipbuilding, aviation and communication.
Founded in 1992, the EBC is China's only state-controlled commercial bank with international shares. It has nearly 300 offices across China and ranks No. 300 among the world's 1,000 top banks.
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