NETDA signs strategic cooperation agreement with Nantong Rural Commercial Bank

Authorities of the Nantong Economic and Technological Development Area (NETDA) in East China's Jiangsu province signed a strategic cooperation agreement with the Nantong Rural Commercial Bank on March 28, local media reported.

According to the agreement, NRCB will grant credit loans of no less than 4.5 billion yuan ($657.87 million) to NETDA's three pillar industries – new-generation information technology, high-end equipment, and biomedicine, over the next three years.

Bao Delin, the director of the NETDA administrative committee, said at the signing ceremony that NRCB has been playing a significant role in advancing the area's construction of major projects, industrial transformation and upgrading, usage of idle land, and optimization of city functions.

She Jun, Party secretary of NRCB, noted that NRCB has in recent years been providing financial support to NETDA, and had issued 2.61 billion yuan of loans as of the end of February.