21-Jun-2011 11:42 AM

China Southern and China Development Bank sign USD9bn credit

China Southern Airlines and China Development Bank have signed a CNY60 billion (USD9 billion) financial cooperation agreement for the 12th Five-Year Plan ending 2015 (Yicai, 20-Jun-2011). The funds will be used for aircraft lease financing, working capital loans, aircraft and related equipment leasing, mergers and acquisitions. During the nation’s 11th Five-Year Plan ended 2010, the bank provided China Southern with CNY7.3 billion (USD1.1 billion) in financial support.