China Development Bank to raise $19.1 billion for power grid projects

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Beijing, May 7, 2012 — China Development Bank on May 4 signed a strategic cooperation agreement with the China Southern Power Grid to raise $19.1 billion U.S. in funding by the end of 2015 to finance the grid's projects, according to reports.

According to the agreement, the funds will mainly support network construction and upgrades, a west-to-east electricity transmission project and the company's overseas investment, as well as the issue of commercial papers and corporate bonds.

According to CDB data, the lender has thus far granted loans totaling $6.3 billion to CSG, with more than $2 billion still outstanding.

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