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21:59 Sep 28 2011

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Tibetan banks grant first 0.75 bln yuan syndicated loan
09:10, June 12, 2010  

Tibet Huatailong Mining Development Company recently signed an agreement for a syndicated loan totaling 0.75 billion yuan with the Tibetan branches of Bank of China, the Agricultural Bank of China and the Postal Savings Bank of China. This is the first syndicated loan granted by a bank in Tibet.

The loan will be used for a lead mining and gangue disposal project at the Jiamatongduo Metal Mine. The project is of great importance to promote the development of the mining industry in Tibet and will bring considerable economic and social benefits.

"The loan is an encouraging result of a win-win cooperation and will usher in bright prospects for the development of both banks and the company. Furthermore, this is the first syndicated loan transaction conducted by Tibetan financial institutions, a prelude to wider cooperation among banks in Tibet, and an important milestone in the development of Tibet's financial industry," said Phuntsok Dorje, deputy governor of the Tibet Branch of the Bank of China.

By People's Daily Online


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