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Civil plane development takes off as COMAC and PDB sign deal

Updated: 2016-02-05

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Shanghai-based Commercial Aircraft Corporation of China (COMAC), the country's aircraft maker, recently reached a deal on financial cooperation with the city's Pudong Development Bank (PDB), Pudong Times reported on Feb 2.

As per the deal, the bank will offer financial support to COMAC's aircraft R&D and business operations. It will also provide the company with financial services including credit line, aircraft leasing and financial planning.

The cooperation is expected to help promote the industrialization of China's civil aircraft industry and facilitate the further development of COMAC.

A manager of COMAC said that the company considered PDB as an important partner and expected more cooperation between both parties to accelerate the research of large passenger planes.

Leaders of PDB also vowed to give stronger financial support to the company and contribute to the country's plan to develop large passenger airplanes.