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Post-Disaster Reconstruction Agreements Sighed by Bank of China Sichuan Branch and Two Transportation Partners


2008-06-03

Bank of China Sichuan Branch signed an RMB 6 billion post-disaster recovery and reconstruction financial cooperation agreement with Sichuan Expressway Construction & Development Corporation (SECDC) and an RMB 4 billion post-disaster service guarantee financial cooperation agreement with Sichuan Airlines in Chengdu on June 2.

The 5.12 Earthquake has caused tremendous loss to the transportation infrastructure in Sichuan, particularly structural damage to road foundations and surfaces of 21 expressways as well as bridges and tunnels across the province. Upon learning such news, Bank of China Sichuan Branch offered SECDC a financing plan as credit support for its expressway construction and operation, post-disaster recovery and reconstruction. Besides, the Branch will offer many other financial service products such as transitional bridging loans, working capital loans, fixed asset investment project loans and treasury products, so as to give all-out support to the corporation in reconstructing the transportation infrastructure in Sichuan.

In the earthquake relief work, Sichuan Airlines took the lead in flying the first disaster-relief flight from Chengdu Shuangliu Airport on May 12. During May 14 and 18, it made urgent adjustment to its flight schedules and evacuated nearly 10,000 tourists stranded in Jiuzhaigou scenery spot. On May 20, it took on the first civil aviation task of transfer of the wounded for medical treatment outside Sichuan Province by transforming two A321 planes into special rescue jets in the shortest time and carrying three batches of wounded a day to Guangzhou, Beijing and Shanghai to receive medical treatment.

In order to provide robust financial service support for Sichuan Airlines' earthquake relief effort, Bank of China Sichuan Branch offered a financial service plan and released an RMB 450 million working capital loan within the shortest time for Sichuan Airlines to buy aviation fuel, aviation materials and other production and operation supplies. The Branch will also provide Sichuan Airlines with other financial service products to fully support the earthquake relief and post-disaster service effort.

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