The Sichuan branches of the China Development Bank and the China Postal Savings Bank have signed a cooperation agreement on supporting the reconstruction work of disaster areas in Sichuan.
The two parties will develop business cooperation with credit funds of between CNY30 billion to CNY50 billion.
China Postal Savings Bank's Sichuan branch currently has put CNY14.4 billion in credit funds into Sichuan in the past eight months of 2008, and has the most outlets in China. The China Development Bank has already signed a reconstruction agreement with the local government and enterprises for CNY67.1 billion by the end of July.
The two branches have been cooperating for a long time. According to the newly signed agreement, the two will cooperate in the reconstruction of public facilities, infrastructure reconstruction and renovation, and other programs concerning the reconstruction work of Sichuan in the next three to five years.
The deputy governor of Sichuan told local media at the signing ceremony that the province needs CNY1.67 trillion for all the reconstruction work, and only 20% of the total is satisfied through financial allocation, social donation, and lotteries.
