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CDB Henan Branch to bankroll Nanyang development

(chinadaily.com.cn) Updated: 2017-12-27

CDB Henan Branch to bankroll Nanyang development

Nanyang government and China Development Bank Henan Branch clinch a strategic cooperative agreement on Dec 21. [Photo/nydt.cn]

China Development Bank (CDB) Henan Branch will invest more than 30 billion yuan ($4.9 billion) in Nanyang within the next two years, according to a strategic cooperative agreement signed on Dec 21.

The scope of cooperation will cover various fields, including poverty alleviation, forestry, culture, tourism, transportation, water conservation, healthcare, education and medical treatment.

As a state-owned financial institution, CDB Henan Branch plays an important role in propelling regional development. In recent years, it has granted loans totaling 28.7 billion yuan to Nanyang. This many has been used to construct infrastructure, renovate slums and relieve poverty.

According to Huo Haosheng, mayor of Nanyang, the city is now at a crucial stage in transforming itself into a modern ecological city, meaning there is a massive demand for the flow of capital. The signing of the agreement is certain to improve the living standards of local residents and push ahead economic development.

With the agreement as an anchoring point, the government will fulfil its responsibility and screen out more high-quality projects for investment. A long-term cooperative mechanism is expected to be established for the realization of mutual development, Huo said.

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