A fair to promote project financing and joint-venture schemes between China Metallurgical Group Corporation and the Postal Savings Bank of China was held in Beijing on May 6.
Attendees include Vice-General-Manager of the bank Xu Xueming and Vice-President of China Metallurgical Group Corporation Zou Hongying.
The two parties joined a discussion on the technical characteristics of new industries, the characteristic demands of financing and the advantages of bilateral cooperation.
Branches of the Postal Savings Bank of China matched 13 important projects in total with the corporation during the fair.
At the event, the two parties signed agreements on seven cooperative projects, with a total investment of up to 13.7 billion yuan (U.S.$ 2.09 billion).
According to the agreement, Postal Savings Banks of China plans to invest nearly 5 billion yuan (U.S.$ 760 million).
Postal Savings Banks of China has developed a number of important projects in the past years, and it already signed a comprehensive strategic cooperative agreement with China Metallurgical Group Corporation's cooperation last September.
Previously, the two entities jointly launched the first pipeline corridor industry fund, valued at 100 billion yuan (U.S.$ 15.3 billion). So far, some 22 tendering and bidding projects have been marketed, with a total investment of 73 billion yuan (U.S.$ 11.1 billion).
In addition, the two parties initiated cooperation on asset securitization, cash management and loans, among other areas.