China Development Bank pledge $290 billion (£232 billion) for transport financing
China Development Bank (CDB) said on Thursday it has agreed to provide China’s transport ministry with at least 2 trillion Yuan ($290.38 billion) (£232 billion) of financing support to aid the building of roads, bridges and tourism infrastructure through to 2020.
The CDB signed a cooperation agreement with China’s Ministry of Transport for the investment, which will also support the building of transport infrastructure overseas, according to a statement on the bank’s website.
The CDB pledge indicates that a government infrastructure spending spree that started last year is likely to continue. That would provide a potential boost for China’s economy which has started off strong in 2017, supported by higher bank lending and a stronger-than-expected expansion in fixed asset investment.