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BOC extends US$8.78B credit line for aircraft firm

(Xinhua)
Updated: 2009-02-06 21:38

BEIJING -- The Bank of China (BOC) will extend a 60 billion yuan (US$8.78 billion) credit line to Aviation Industry Corp. of China (AICC), the country's major state-owned aircraft builder, the lender said here.

This March, 2006 file photo shows Bank of China Tower (L) and Cheung Kong Center in Hong Kong. BOC will extend a 60 billion yuan (US$8.78 billion) credit line to Aviation Industry Corp. of China (AICC), the country's major state-owned aircraft builder. [wikipedia.com]

Under the agreement signed Friday, BOC pledged to build a "long-term, comprehensive" strategic partnership with AICC and help the group expand overseas.

Related readings:  Vice Premier: Aviation sector needs to deepen reform  BOC expects more interest cuts in 2009  China aviation giant AVIC signs US$26B credit agreement  Major shipping, aviation funds to boost reforms

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 November 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.