ICBC offers RMB33bn financing for key coal group

BEIJING, July 4 — The Industrial and Commercial Bank of China (ICBC) has offered RMB33 billion (US$4.1 billion) in financing support for Shanxi Jiaomei Group, one of the nation’s 13 key coal bases.

The Taiyuan-based group will use the money for planned coal, electricity, coal chemicals and other energy projects in the 2006-2010 period, according to an agreement between ICBC and Shanxi Jiaomei.

China’s biggest commercial bank will in turn provide cash management, foreign exchange settlement, international trade financing, risk control and other financial services for the coal enterprise.

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