OREANDA-NEWS. April 04, 2012. China Development Bank signed 9 syndication contracts with 6 other Chinese banks at a signing ceremony in Nanning. This is part of CDB’S effort to lead an inter-bank cooperation initiative to reinvigorate the banking sector’s support of the real economy. These syndicated loans, totaling RMB 57.4 billion, will be directed to economic and social infrastructure projects spanning six provinces in China, reported the press-centre of CDB.

In line with its mission to facilitate the national strategy, the lender has been leveraging its wholesale banking strengths to mobilize inter-bank cooperation such as large syndications to channel longer term funds to sectors of the real economy. As of 2011 year-end, CDB managed RMB 999.1 billion assets off its balance sheet.

CDB Vice-President Wang Yongshen and CBA (China Banking Association) Under Secretary-General Feng Hong addressed the ceremony. The other participating banks are Bank of China, China Construction Bank, Postal Savings Bank of China, Huaxia Bank, Citic Bank and Guangxi Beibu Gulf Bank.