CNNC Receives $51 Billion of Credit from Banks to Support Chinese Nuclear Development

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Researched by Industrial Info Resources (Sugar Land, Texas)--China National Nuclear Corporation (CNNC) (Beijing) signed a strategic cooperation agreement with Industrial and Commercial Bank of China (Beijing), China Construction Bank (Beijing), Bank of Communication (Shanghai), China Everbright Bank (Beijing), China CITIC Bank (Beijing), and China Merchants Bank (Shenzhen) in Beijing on December 29, 2008. With the strategic cooperation agreement signed with the Bank of China (Beijing) and Agricultural Bank of China (Beijing) earlier this year, CNNC has established strategic cooperation partnerships with eight major Chinese banks, and the total credit facility received from these banks has reached $51 billion. This will serve as a strong safeguard for the fund required for CNNC's industrial development in nuclear power production, nuclear-fuel recycling and other related sectors.

According to the agreements, CNNC will conduct full-round cooperation with each bank in various aspects such as fund management, direct financing and debt management. The signing of these agreements with banks is in response to the State Council's recent measures on promoting economic growth, expanding domestic demand, providing structural adjustment and facilitating the swift industrial development of CNNC, said Rixin Kang, General Manager of CNNC, at the signing ceremony. CNNC will actively promote development and construction in nuclear power generation and nuclear-fuel recycling facilities.

During the signing ceremony, CNNC also signed the Pact for Collective Financing Institutes, the first financing pact signed between banks and enterprises in China, with 10 Chinese banks participating. Additionally, CNNC also signed $1.72 billion of annual loan contracts with related banks for its nuclear power and nuclear fuel recycling industries in the year of 2009. The signing of the Pact for Collective Financing Institutes as well as the use of the united loan contract is very important in promoting CNNC's collective financing level, said Kang.

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