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S China city gets $29b loan from CDB

(Xinhua)
Updated: 2009-03-18 08:42

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

Undated file photo shows China Development Bank. [China Daily]

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.