The Bank of China (BOC) will extend a 60 billion yuan (8.78 billion U.S. dollars) credit line to Aviation Industry Corp. of China (AICC), the country's major state-owned aircraft builder, the lender said.
Under the agreement signed Friday, BOC pledged to build a "long-term, comprehensive" strategic partnership with AICC and help the group expand overseas.
The move followed China's latest stimulus measure, announced Thursday, to bolster the machinery manufacturing industry.
AICC sealed strategic cooperation agreements with 10 Chinese commercial banks Thursday, which gave it access to 176 billion yuan in credit lines.
AICC, a conglomerate under the direct administration of the central government, was formed on Nov. 8 by the merger of two other companies.
It has 200 subsidiaries, more than 20 listed companies, total assets of more than 290 billion yuan and about 400,000 employees.
(Xinhua News Agency February 6, 2009)
