Cosco Shipping Pens Financing Cooperation with CDB
China Cosco Shipping Corporation (Cosco Shipping) and China Development Bank (CDB) have penned a five-year financing cooperation involving RMB180bn ($26bn), reports said.
The 2017-2021 financing agreement between Cosco Shipping and CDB is aimed at supporting Cosco Shipping’s reform and promotion of its maritime business, in line with Beijing’s broader economic growth strategy under the One Belt One Road initiative, according to Hu Huaibang, chairman of CDB, MANA correspondent reported.
Xu Lirong, chairman of Cosco Shipping, said China’s 13th Five-Year Plan (2016-2020) is a key period for the merged Cosco Shipping to continue with the deepening of reform, integrating resources and enhancing competitiveness on the global stage, and the group’s wide ranging development goals cannot be achieved without support from financial insititutions.
The shipping conglomerate Cosco Shipping, formed from the merger of China Cosco Group and China Shipping Group, has businesses spanning across container shipping, bulk shipping, tanker shipping, port and terminal operations, shipbuilding, and shipping and financial services.