State Bank Provides Loan to Tianjin Development Zone

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Last updated at: (Beijing Time) Friday, August 22, 2003

State Bank Provides Loan to Tianjin Development Zone

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The State Development Bank of China signed an agreement with the Tianjin Development Zone Thursday to provide a loan of 10 billion yuan (1.2 billion US dollars) to the latter for its infrastructure construction.

The fund will be mainly used for the construction of the zone'sgas, heating, water and electricity supply systems and the drainage system of its roads, according to the agreement.

Over the past few years, the bank has provided more than 3 billion yuan (360 million US dollars) of fund to support the development zone.

In the first half of this year, the development zone registereda gross domestic product of 20.9 billion yuan (2.52 billion US dollars) and exported 2.87 billion US dollars worth of products.

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