01 September 2005
China Development Bank, TAR sign loan agreement
(People's Daily Online) The inaugural ceremony for the office of China Development Bank in the Tibet Autonomous Region (TAR) was held on 31 August 2005. Tibetan Autonomous Region Chairman Jampa Phuntsog (Chin. Qiangba Puncog) signed an agreement on a six-billion yuan (GB£404.2 million; US$741.1 million; EUR593.4 million) policy-based loan with Chen Yuan, member of central delegation and president of China Development Bank. According to the agreement, the loan will be used mainly to support projects in infrastructure and industry.