China Development Bank (CDB) and Tibet Development and Investment Group Co., Ltd. have signed a 22.1 billion yuan syndicated loan contract for government investment and construction projects, which is the largest banking loan in the Tibet Autonomous Region to date. The loan will support preparation and start costs for key investment and construction projects.
According to Yang Jun, president of the Tibet Branch of China Development Bank, CDB will take the lead on the start of the project, and will form a banking group along with other banks to decide the division of labor and comparative advantages, and to provide funding and a settlement agent for highway, municipal infrastructure, water, energy, and other projects in Tibet.
In the first three quarters of 2015, Tibet’s GDP (gross domestic product) grew by 9.8 percent, ranking third in growth rate in the country. Tibet’s economic development is inseparable from the leveraging of banks loans. In 2014, Tibet’s bank loan growth ranked first in the country.