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Merchants Bank to lend 80b yuan for rail construction

By Yu Hongyan (chinadaily.com.cn)
Updated: 2009-03-10 13:52

China Merchants Bank signed a strategic agreement with the Ministry of Railways (MOR) to lend the latter 80 billion yuan ($11.69 billion) to boost the country's railway construction, according to a statement posted on the website of the State-owned Assets Supervision and Administration Commission.

China's railroad lines in service were expected to reach 120,000 km by 2020, Lu Dongfu, vice minister of MOR, told a press conference last year.