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National Development Bank Promises Support for New Round of Construction in SIP

A new round of SIP development, “the project of improvement of SIP infrastructure”, has been approved by National Development Bank for a loan of 4,850 million yuan RMB. The total investment of the project amounts to 9,710 million RMB. The evaluation and approval by National Development Bank signals the support for the start of the new round of development of SIP.

Following the successful visit to President Chen Yuan of National Development Bank by Wang Jinhua, Deputy Secretary of CPC Municipal Committee and Secretary of SIP Party Working Committee, at the end of last year, Wang met Xia Shengyun, President of Jiangsu Branch of National Development Bank on Jan. 15 this year to further express the intent of cooperation with National Development Bank. Xia promised to act promptly upon the instructions of President Chen Yuan and to conduct the evaluation and approval of the project of SIP development and construction of SIP, an important partner, in the shortest time possible.

On Jan. 24, an evaluation group, headed by Xia Qiang, Deputy Director of 2nd Bureau of Evaluation of National Development Bank, and accompanied by Li Hong, Vice-president of Jiangsu Branch of National Development Bank, came to SIP on an investigation and Research trip. Ma Minglong, Director of Sipac, had an in-depth discussion with the evaluation group on cooperation with National Development Bank in the period of “the 11th 5-year plan”. The evaluation group expressed that it would quicken the work of project evaluation and work hard to complete the drafting of contract on the credit loan of 20,000 million RMB for the first quarter of the year.

Feb. 9, 2006

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