The Wuhan Economic & Technological Development Zone (WHDZ) signed a massive long-term strategic cooperation agreement on May 27 with China Zheshang Bank, or CZBank, according to the official WeChat account of the WHDZ.
Under the terms of the agreement, CZBank will provide financing of not less than 50 billion yuan ($6.99 billion) to the WHDZ and businesses based in the WHDZ within the next five years.
This will support the development of major projects and emerging industries in the zone, as well as the upgrading of modern service industries, agricultural modernization and environmental improvement.
CZBank is a national listed commercial bank headquartered in Hangzhou in East China’s Zhejiang province. In December 2015, CZBank Wuhan Branch was established.
WHDZ officials said that in recent years, the Wuhan Branch has thoroughly implemented a platform-based services strategy and dedicated itself to providing high-quality financial services to major companies, key projects, small and micro enterprises and private enterprises in Hubei province.
To date, a total of 67 billion yuan of loans have been issued and assets under management have exceeded 60 billion yuan, with a cumulative contribution of nearly 1.8 billion yuan in profits and taxes.
In addition, the Wuhan Branch has donated 200,000 yuan to the Chedu Sunshine Charity Foundation for public welfare education.
