The Bank of China has signed an agreement with Sichuan Province to provide areas hit by the May 12 quake with at least 300 billion yuan, or nearly 44 billion dollars in loans for reconstruction over the next five years.
The funds will go to infrastructure, medical treatment and education. The Sichuan provincial government has estimated rebuilding will cost over 1.6 trillion yuan. The bank says it will also offer financing support for small and medium-sized companies in the province. To date, the Bank of China has signed agreements with key clients that include Dongfang Electric, Panzhihua Iron and Steel, Sichuan Highways and Sichuan Airlines, helping them resume production.
(CCTV March 6, 2009)
