OREANDA-NEWS. On July 23, 2009 The Government of the Republic of Moldova held negotiations with the leadership of the Chinese state corporation COVEC to allocate approximately US1 billion for the implementation of Moldovan infrastructure and industrial projects. The two parties signed a Memorandum of Understanding on the issue, reported the Official website gov.md.

China is represented by Fang Yuanming, the president of the China National Overseas Engineering Corporation COVEC, and its Vice-President Zhao Xiang. The China National Overseas Engineering Corporation (COVEC), together with its parent company - China Railway Engineering Corporation (CREC) is subordinated to the PRC State Council Committee for Control and Management of State Property. This megacorporation realizes major economic projects in China and in other countries.

The credit line may amount up to US1 billion and will be provided on favorable terms against the Moldovan state warranty. Chinese investments are intended for implementation of infrastructure projects: roads, energy, water, construction of treatment plants, industrialization of agriculture and development of processing industries, as well as creation of high-tech industries.

After negotiations with the Government of the Republic of Moldova and signing of the Memorandum, the Chinese delegation will meet with the President of the Republic of Moldova.

Information:
State Corporation COVEC-CREC is the largest construction company in China and the third biggest construction company in the World. Its includes 37 companies, 7 research institutes, consulting and engineering companies, a company for construction of international engineering projects, 10 construction companies, 3 specialized engineering companies for construction of bridges, tunnels, and electrical engineering. This state corporation carried out more than 1,550 big projects in over 60 countries around the world using the most modern technology. Some of them are listed in the Guinness World Records Book. The American business magazine "Fortune" listed COVEC-CREC within the 500 largest enterprises of the World.

COVEC-CREC is represented in 23 countries around the World. For Moldova and Eastern Europe, the company opened “COVEC Eastern Europe”, which has a construction license and carries out investment projects.