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Sunday, July 14, 2024

Banking Development issues bonds for urban infrastructure construction

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Beijing: China Development Bank, one of the country’s policy banks, has issued special financial bonds worth 20 billion Yuan (about 2.84 billion US dollars) to promote urban infrastructure projects.

According to the bank, the monies raised will be utilized mostly for significant urban infrastructure projects such as civic facilities and public services. It seeks to direct social revenues towards investments in urban infrastructure through market-based financing, as well as to promote the harmonious cohabitation of people and nature in cities.

The bonds, which have a 10-year term and a 2.82 percent interest rate, were highly oversubscribed by market investors.

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