Lenders grant support to enterprises settled in Tianjin tech area

A group of banks have announced that they will provide up to 440 billion yuan ($64.2 billion) in financial support to companies in the Tianjin Economic-Technological Development Area (TEDA), the highest of its kind in the area's history.

A total of 10 banks, including BOC, ICBC and CCB, signed a strategic partnership with TEDA in the last two weeks, vowing to aid the area's growth in the next five years.

"Their funds will not totally and directly 'pour' into the area. Instead, the banks are extending a combined financial credit limit with a ceiling of 440 billion yuan," Zeng Li, head of the Finance Bureau of TEDA, said.