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China Development Bank, Shenzhen sign 200b-yuan credit line

(Xinhua)
Updated: 2009-03-18 10:14

China Development Bank (CDB) signed an agreement Tuesday with the government of the southern Shenzhen City to provide a 200-billion-yuan ($29 billion) credit line.

CDB, a major state-owned bank, will extend the loans over the next five years to help the city develop its high-technology and cultural sectors, improve the infrastructure and ease the financing problems of small and medium-sized companies.

More financing for those companies "will help the enterprises expand their domestic and overseas markets," said Shenzhen Mayor Xu Zongheng.