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China Construction Bank (CCB), a leading commercial bank in the country, signed a financial cooperation agreement with the government of central China's Hubei Province on Thursday in Wuhan.
Under the accord, the bank will grant 60 billion yuan (US$7.4 billion) in loans for transport, power, urban construction, motor vehicles and education projects in Hubei in the 2006-2010 period and make loans of 10 billion yuan (US$1.2 billion) for the province's smaller businesses in the five years.
As an important veteran manufacturing base, Hubei is located in the hinterland of central China and plays a significant role in the nation's strategy to drive up the central regions economically.
CCB launched its IPO (initial public offerings) in Hong Kong in October this year, with gross assets of 4.2 trillion yuan (US$518 billion) and total loans of 2.37 trillion yuan (US$292 billion).
(Xinhua News Agency December 10, 2005)
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