The Bank of Shanghai (BOS), a joint-stock commercial bank, has decided to provide a 5 billion yuan credit line over the next three years to Taiwan-funded firms in the eastern financial center to meet their financing needs.

Five firms signed an agreement with the bank Tuesday for a credit line of more than 322 million yuan, according to a BOS press release, which did not specify the duration of the agreement.

The move will lead to closer cooperation between Taiwan-funded enterprises and the bank, and will also help improve the city's investment environment, according to the press release.

Trade and economic cooperation between Shanghai and the island province of Taiwan has kept on rising since the 1980s. Shanghai had approved 6,221 Taiwan-funded projects by August of this year worth 15.7 billion U.S. dollars.

Imports and exports between Shanghai and Taiwan hit 21.54 billion U.S. dollars in 2005, a year-on-year increase of about 20 percent. (one dollar= 7.95 yuan)

Source: Xinhua