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BOC lends huge sum to firms for quake rebuilding

(Xinhua)
Updated: 2008-06-03 18:44

The Bank of China, the country's second-largest lender, said Tuesday that it would provide 25 billion yuan ($ 3.61 billion) in loans to help finance rebuilding in the wake of the deadly May 12 earthquake in Sichuan Province.

Asia's largest cement producer, Conch Cement Co Ltd would get 5 billion yuan in loans.

Guo Jingbin, executive director of central Anhui-based Conch, said the company would spend 4 billion to 5 billion yuan on setting up two cement plants in Sichuan to increase output in the hardest-hit province to 12 million tonnes by 2010.

"This project is to start next month and our company is also planning on expanding business in quake-hit localities including Chongqing and Gansu," said Guo, adding that establishing production lines in the quake zone could make rebuilding faster and cheaper.

Experts predicted that about 100 million tonnes of cement would be needed in Sichuan and surrounding regions in next three to five years.

Another 20 billion yuan in loans went to Panzhihua Iron and Steel Corp to boost its working capital and finance the infrastructure investment projects of the largest steel maker in southwestern China.