Bank to Form Int'l Consortium to Fund Shanghai Port Project

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Last updated at: (Beijing Time) Saturday, August 03, 2002

Bank to Form Int'l Consortium to Fund Shanghai Port Project

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The Shanghai Branch of the Agricultural Bank of China (ABC) has pleged to join in the construction of a new port project in Shanghai, east China, by forming an international bank consortium and issuing bonds.

Jin Bingrong, president of the bank branch, said the bank agreed to provide one billion yuan to build urban infrastructure for the port project.

The new port project, known as the Yangshan Deepwater Port, is part of the Shanghai International Shipping Center. It also includes Donghai (East Sea) Bridge, the New Port Town, the Shanghai-Luchao Port Expressway, and land facilities for the Luchao Port.

The bank has also joined with two domestic bank consortia to grant more than 10 billion yuan in loans to the port project.

The New Port Town, in Nanhui District, Shanghai, is expected tohave a population of 350,000 and cover an area of 80 sq km.

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