Zhejiang Port Investment Operation Group (Zhejiang Port Group), the integrated port operating platform of Zhejiang province, has signed a strategic agreement with China Construction Bank.
Under the agreement, China Construction Bank has granted a RMB80bn ($12.7bn) credit facility to Zhejiang Port Group to support the development of infrastructure and port-related projects. RMB30bn of the amount will be provided in the next three years.
Zhejiang Port Group was established in 2016 to integrate all the port assets in the province under one roof, a response to the central government’s call to optimize port assets and shed overcapacity.
Zhejiang completed overall port cargo throughput of 1.26bn tons in the year of 2017, of which Ningbo-Zhoushan Port contributed 1.01bn tons.