China Aviation Industry Corporation (AVIC) and The Export-Import Bank of China (China Eximbank) have entered into a strategic cooperation agreement, upon which a RMB 100 billion credit line will be granted to the domestic aviation giant.
The total loan will be pumped into the corporation’s 14 key industry fields, and then AVIC is expected to participate in more financial cooperation projects in overseas markets as well as to grow into one of the world’s aviation parts producers, in line with the strategy of ‘go abroad’.
Trading Markets reported that AVIC’s key equipment import as well as technology improvement and introduction of new lines will benefit a lot from such a high credit line.
Lin Zuoming, AVIC General Manager, (seen here) said this move indicates much confidence the financial institutions have in the country’s hi-tech strategic aviation industry development prospect, amid the economic recession worldwide, said the AVIC aggregately won credit lines of RMB 236 billion from 11 banks in the first quarter of this year.
The money will be separately lent to its defense, transporter, engine, helicopter, airborne equipment and system, general aircraft, aviation research, flight testing, trade logistics, assets management, automobile, construction, and investment fields, but the company is to carry out the unified credit risk management.
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