OREANDA-NEWS. September 12, 2011. Agricultural Bank of China (ABC) and the Ministry of Water Resources signed a strategic cooperation agreement in Beijing. Mr. Chen Lei, Minister of the Ministry of Water Resources and Mr. Xiang Junbo, Chairman of ABC attended the signing ceremony and delivered speeches, reported the press-centre of ABC.

At the beginning of his speech, Mr. Xiang Junbo expressed his gratitude to the Ministry of Water Resources for its great support to ABC over past years. He said that the Ministry of Water Resource had explored a path of water conservancy modernization with Chinese characteristics by performing water administration under scientific principles and laws, making vigorous efforts in the development of water conservancy for the well-being of people, accelerating the establishment of a water saving society and facilitating the sustainable development of water conservancy, and had thus provided solid guarantee for the long-term, stable and rapid economic development and acceleration of transformation of economic development pattern. ABC has always been creating value and achieving mutual development together with its customers. It has provided support to many high-quality customers who play a leading role in their respective sectors.

The signing of this cooperation agreement is, on the one hand, an important move of both ABC and the Ministry of Water Resources in thoroughly implementing the Document of the Central Committee of the Communist Party of China [2011] No. 1 and the essence of the work conference of the central government on water conservancy, and on the other hand, a milestone of in-depth cooperation between the two parties.

In the future, ABC will fully exploit its advantages to make active efforts in exploration and innovation, enhance financial support, and make further contributions to the development of China’s conservancy development.

Mr. Chen Lei said in his speech that ABC had been putting water conservancy as a focus and supporting a number of key water conservancy projects as well as many water conservancy projects for the well-being of people, and ABC had played an important role in facilitating the construction of water conservancy infrastructures, for which ABC had earned appreciation and gratitude from the Ministry of Water Resources. For many years, the Ministry of Water Resources and ABC have been developing very fruitful cooperation, and this agreement signifies that the cooperation between the two parties have entered a new phase. The Ministry of Water Resources will take this opportunity to further enhance its close cooperation with ABC to duly implement the details thereunder and provide more effective financial support for the acceleration of water conservancy reform together.

According to the agreement, ABC will fully exploit its own advantages, grant more credit into water conservancy development and furnish all-round financial services like financing, payment, settlement, agency service and investment banking to China’s water conservancy development. Additionally, a total amount of RMB 500 billion has been agreed as intentional credit line for supporting water conservancy development. Both parties will conduct in-depth cooperation in the following aspects: enhancing credit support, innovating financing pattern for water conservancy projects, promoting the development of financing platforms for water conservancy, tightening credit supervision of water conservancy projects, extending cooperation and establishing a long-term strategic cooperation mechanism.