The Haidian district government and Beijing branch of China Development Bank recently signed a Developmental Financial Cooperation Memorandum, according to the official website of Zhongguancun Science Park.

According to the memorandum, the Beijing branch of China Development Bank will provide no less than 20 billion yuan ($3.22 billion) of funds for the development of Zhongguancun's core area (in Beijing's Haidian district), the development of small and medium-sized enterprises in the science park, infrastructure construction, and social livelihood.

The investment will promote healthy and fast development of Haidian district's economy and society. Meanwhile, with the unique geographical advantages of being the core area of independent national innovation demonstration zone and the national innovation center of science, technology and finance, the prospering Haidian district will also provide more opportunities for district-based financial enterprises.

Haidian district has maintained a cooperative relationship with China Development Bank's Beijing branch. The branch has made a total loan of 21.8 billion yuan to Haidian-based enterprises since 2005.

From the beginning of this year, the bank has utilized an innovative financing model, providing mezzanine capital of 900 million yuan for key construction projects in the district. As a leading bank in the nation, it has also provided great support for the reform and construction of a financing platform for the Haidian district government.

Edited by Chen Zhilin and Michael Thai