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BIZCHINA> Top Biz News
China Eximbank loads up support for shipbuilders
By Tong Hao (chinadaily.com.cn)
Updated: 2009-04-08 13:47

The Export-Import Bank of China, a policy bank led by the State Council, granted shipbuilding-related loans totaling 102.46 billion yuan ($14.99 billion) and $7.45 billion through the end of 2008.

Related readings:
China Eximbank loads up support for shipbuilders Shipbuilders still in doldrums
China Eximbank loads up support for shipbuilders Shipbuilding stimulus plan made public
China Eximbank loads up support for shipbuilders Glut of steel could worsen as shipbuilding orders plunge
China Eximbank loads up support for shipbuilders China Eximbank supports steelworks

The bank also issued bank guarantees of $20.3 billion which supported export of 2,698 vessels totaling 92.58 million deadweight tons, said bank vice president Zhu Xinqiang.

Not long ago, the bank granted credit of 100 billion yuan and 60 billion yuan respectively to China State Shipbuilding Corp and China Shipbuilding Industry Corp, the country's two largest shipbuilders, to help them tackle the deteriorating shipbuilding industry worldwide.

Zhu said the bank plans to offer new services to fund Chinese shipyards in research and development and mergers and acquisitions. The bank is also working on detailed clauses of financing policy as part of the stimulus package for the shipbuilding industry.


(For more biz stories, please visit Industries)

 

 

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