ICBC Promises Financing for North China Coal Group
March 11, 2006
ICBC promises financing for north China coal group
BEIJING, March 10 (Xinhua) — Industrial and Commercial Bank of China Ltd. (ICBC) has promised 45 billion yuan of syndicatee financing for Datong Coal Mining Group Ltd, one of China’s 13 large coal bases in northern Shanxi Province.
The funds will be used to develop coal, electric power, aluminum and coal chemical operations planned by the Datong group, according to an agreement reached with ICBC recently in Beijing.
ICBC said the agreement showed that China’s biggest commercial bank is supporting the development of Shanxi Province’s energy industries.
The bank is also offering foreign exchange and international trade financing services for the Datong coal group.