Industrial and Commercial Bank of China Ltd (ICBC) has promised 45 billion yuan (US$5.6 billion) of syndicatee financing for Datong Coal Mining Group Ltd, one of China's 13 large coal bases in North China's Shanxi Province.

 

The funds will be used to develop coal, electric power, aluminum and coal chemical operations planned by the Datong group, according to an agreement reached with ICBC recently in Beijing.

 

ICBC said the agreement showed that China's biggest commercial bank is supporting the development of Shanxi Province's energy industries.

 

The bank is also offering foreign exchange and international trade financing services for the Datong coal group.

 

(Xinhua News Agency March 11, 2006)