CCB issues loan of 296 billion yuan to bolster transportation

China Construction Bank (CCB) said it had issued 295.5 billion yuan (about AED 151.3 billion) of loans to support the country's transportation sector during the first five months of this year.

Xinhua News Agency reported.

The CCB is one of the country's largest state-owned commercial banks, and the bank said that the value represented an 11.43 per cent increase from the same period last year.

According to the bank, the loans helped finance the construction of expressways, the improvement of congested road sections, and the completion of some expressways in central and western China.

China has encouraged banks to use re-lending facilities to finance transportation projects.

By the end of March, data from the People's Bank of China showed that outstanding re-lending loans for transportation and logistics came in at 35.4 billion yuan (AED 18 billion), up 11.2 billion yuan (AED 5.7 billion) from the beginning of this year.