The Shanghai branch of the Industrial and Commercial Bank of China (ICBC) and the Shanghai Pudong Development Bank extended a credit loan of 800 million yuan (over US$96 million) Friday to Tongji University in Shanghai to promote education.
The university may enjoy preferential interest rates and other repayment policies with the agreement from the two banks.
The money will be used to build up key subjects including bridge building, oceanography, medicine, environmental protection, electronic information and vehicle projects.
The Banks will also provide funds for the key labs and apartments for teachers, and the students will also get strong aid from the banks.
The Shanghai-based Tongji University began its cooperation with banks last year and it could get loans totaling 1.2 billion yuan (about US$144.6 million).
(People’s Daily)
