China Knowledge reported that Bank of China the nation largest foreign exchange lender and Baosteel Group Corp, parent of Baoshan Iron & Steel Co Ltd last week signed a strategic cooperation agreement.

Pursuant to the agreement, BOC will extend a combined CNY 80 billion in credit line to Baosteel Group and its subsidiaries. Both parties will also enter fully strategic cooperation in their business fields.

In August, Baosteel Group inked a financial cooperation agreement worth USD 10 billion with China Development Bank, a state owned bank primarily responsible for raising funds for large infrastructure projects in the country. As per report, both parties will jointly expedite overseas resource acquisitions investment and mergers and acquisitions.

(Sourced from China Knowledge)