Banking

ICBC extends $1.5b credit to post-Expo construction

(Xinhua)
Updated: 2010-11-26 10:36

Shanghai to boost its M&A market Related readings:  ICBC opens new branch in Japan  ICBC chief sees China tightening policy further

SHANGHAI - The Industrial and Commercial Bank of China (ICBC) Shanghai Branch announced on Thursday that it would authorize a 10 billion yuan ($1.5 billion) credit to Shanghai's Pudong New District to support its post-Expo construction projects.

Shen Liqiang, president of ICBC Shanghai Branch, said that the credit would be authorized to facilitate the district's construction plans to build Shanghai's core regional function construction, including centers of finance, trade and shipping.

According to Shen, the credit would also be authorized to support infrastructure construction in the district to balance regional development between the southern and northern parts of Pudong.

The main architectural structures of the Shanghai World Expo, which opened from May 1 to Oct 31, were found in the city's Pudong New District, where all national pavilions were located.