The Bank of China says it has been chosen as the lead bank for the financing of a huge bridge connecting Hong Kong with Macau and the city of Zhuhai in southern China.
A syndicate of banks will finance 22 billion yuan (USD3.22 billion) of the 37.6 billion yuan investment, BoC said in a press release, without giving details on what proportion of the loans it would be providing.
The remaining funds will be provided by the central government in Beijing along with the regional governments of Guangdong province, Macau and Hong Kong, the statement said.
The bridge has been planned for a long time but is now seen as an important element in China’s package of infrastructure projects. The package is designed to create jobs and stimulate the national economy at a time of global recession.
Officials have previously said that the bank loans would be recouped at least in part from toll fees on the bridge. Construction is expected to start as early as this year.
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