Bank to grant loans for Beijing airport expansion

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Last updated at: (Beijing Time) Thursday, November 27, 2003

Bank to grant loans for Beijing airport expansion

The China Construction Bank (CCB) will grant loans for the expansion project of Capital Airport in Beijing, according to an agreement signed Wednesday.

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The China Construction Bank (CCB) will grant loans for the expansion project of Capital Airport in Beijing, according to an agreement signed Wednesday.

The CCB undertook in a letter of intent last July to set aside eight billion yuan (964 million US dollars) for the expansion project.

The Capital Airport will be expanded for the 2008 Olympic Gamesto be held in Beijing, at an estimated cost of nearly 18 billion yuan (about 2.2 billion dollars). Work is scheduled to begin at the end of March next year.

Wednesday's agreement also notes that the CCB will provide financial aid for the airport's daily operation, serve the airportwith its advanced network in terms of capital settlement and management and act as financial advisor.

President Zhang Enzhao of the CCB, one of the "big four" commercial banks in China, said the agreement will help achieve a "win-win" result for both the bank and airport and upgrade the CCB's image.

The CCB is mainly involved in long and medium term credit business. And Beijing's Capital Airport is the largest of the country's airports.

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