Line 3 of China’s Guangzhou Subway has been granted a substantial loan for US$52.6M by a syndicate of nine banks. This is thought to be the first time that such a large number of banks has entered into a single loan agreement.
The agreement was signed recently between the Guangzhou Subway Company and the syndicate that includes four of the country’s biggest State-owned banks, the Bank of Commerce and Industry of China, the Agricultural Bank of China, the Bank of China, and the Construction Bank of China.
The subway will connect the southern and northern districts of the capital of south China’s Guangdong Province.
Tunnelling on Line 2 of the subway has now been completed ready for part of the line to become operational at the end of this year. Work is currently being finished on the line’s 20 underground stations.
