Economy

CDB to increase lending to Xinjiang

(Xinhua)
Updated: 2010-06-08 21:35

BEIJING - President of China Development Bank Corp Chen Yuan said Tuesday the bank will boost lending to northwest China's Xinjiang Uygur autonomous region to strengthen the region's infrastructure and finance its economic development.

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The lender will extend over 20 billion yuan ($2.93 billion) in loans to Xinjiang annually beginning this year as part of the country's efforts to boost development in the region.

Chen said the bank supports the region's development plans set down by the central government at a work conference last month.

The bank will strengthen cooperation with local governments and companies to finance railway and transportation projects, oil pipeline construction and oil exploration in the region, Chen said.

The bank's 2009 net profit surged 54 percent year-on-year to 31.9 billion yuan due to an increase in lending, the bank's annual report released Tuesday said.