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Qinshan nuclear power plant to repay debt with loan
( 2003-08-21 16:48) (eastday.com.cn)

Qinshan No. 3 Nuclear Power Co Ltd has signed an agreement with the Shanghai International Trust and Investment Co Ltd (SITI) to use trust loans to pay off its foreign debt.

According to the agreement signed on Monday, SITI will hopefully raise a total of 5 million to 10 million US dollars of loans from the general public for the third-phase project of the Qinshan nuclear power plant.

The term of the trust loans will be one year, and the yield is expected to reach somewhat 1.5 percent, higher than the 0.5625 percent of deposit interest for the same fixed time, according to Li Huizhen, general manager of the SITI.

All Shanghai residents are entitled to join the plan, entrusting their idle foreign exchange to the SITI, with the minimum sum for each account set at 20,000 US dollars, Li noted.

The total investment in the third-phase project of the Qinshan nuclear power plant, the largest Sino-Canada cooperative project undertaken in the nuclear power sector, was 2.88 billion US dollars, including 2.1 billion US dollars of export credit and 170million US dollars of commercial loans from outside China's boundary with a borrowing term of 15 years.

Kang Rixin, board chairman and general manager of Qinshan, voiced his confidence about repaying the debt, as the No. 1 and No.2 generating units of the power plant had gone into commercial operation in the past two years.

"The trust loan plan is in support of the company's rearrangement of its foreign debt structure, and to make preparations for the next step which would issue corporate bonds,"said Kang said.

So far, more than 100 investors have decided to join in the trust loan plan, with the funds raised totaling nearly 5 million US dollars, according to Li.

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