As much as one billion yuan (about US$120 million) was loaned to an on-going magnetic levitated train project in Shanghai Tuesday by the Shanghai Branch of the CITIC (China International Trust and Investment Corporation) Industrial Bank.
With an investment of nine billion yuan, the project was launched in March this year, and the train line will connect Pudong International Airport to the Longyang Road subway station.
The 30-kilometer-long train line will be the first of its kind built for passenger service in the world, sources said.
The bank will continue to support Shanghai's modernization drive, said Dou Jianzhong, president of CITIC Industrial bank.
Many other Shanghai-based commercial banks have also promised that more financial aid will be extended to the project, according to sources.
(Xinhua News Agency 09/12/2001)