China Development Bank signs 20b yuan credit agreement with CGGC

Updated: 2009-05-28

Bringing the total line of credit of CGGC to above 100 billion yuan ($16.47 billion), Hubei Branch of China Development Bank (CDB) formally signed an 20 billion yuan ($3.29 billion) credit agreement with CGGC on the afternoon of May 26, 2009, marking that the total line of credit of the company has exceeded 100 billion yuan. This move serves a vital function in promoting CGGC’s development and enhancing its market competitiveness.

The signing ceremony was attended by Zhang Jinquan, executive vice president of CGGC; Cui Daqiao, chief accountant; and Zhang Daoyang, vice president of CDB Hubei Branch.

Zhang Daoyanng recognized and extolled the rapid development of CGGC in recent years, and said CDB is very willing to maintain long-term friendly cooperation with such a powerful enterprise as CGGC, and the bank will keep improving its services to provide more and better financial products for the company.

Zhang Jinquan recognized in his address that the cooperation with banks has played an essential role in the development of CGGC in recent years, and the support from financial institutions was indispensable for an enterprise’s takeoff, so he extended heartfelt gratitude to CDB for its long-term support. He pointed out that the new agreement, which was of vital importance, will produce a win-win result by enabling higher-level and broader cooperation between the company and the bank.

In a pleasant and amicable atmosphere, Zhang Daoyang and Cui Daqiao have signed the agreement on behalf of the bank and CGGC respectively.