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China Daily Website

CDB loans support transportation industry

Updated: 2012-12-04 16:55
( Xinhua)

BEIJING - China Development Bank (CDB) has made significant contributions to the transportation industry over the past five years, a senior official with the Ministry of Transport (MOT) said Tuesday.

The bank's loans to the transportation industry have totaled $13.1 billion since 2008, said Gao Hongfeng, vice minister of the MOT, adding that the bank has promised a total loan volume of $26 billion to the industry.

Gao made the remarks at an opening ceremony held for a CDB financing center on Thursday, according to a statement posted on the MOT's website on Tuesday. The center's office is located in the city of Dalian in east China's Liaoning province.

The bank's efforts will help China's shipping industry confront the international financial crisis, according to the statement.