CITIC Group to invest US$15 bln in Tianjin city
The group will target specific areas of financial services, general aviation, eco-environment, culture and education
The CITIC Group, a state-owned investment company, has signed a strategic cooperation agreement with the Tianjin government, intending to provide investment and financing of 100 billion yuan (US$15.52 billion) to the city within five years, Sina Finance reported.
The group will invest in the areas of financial services, general aviation, eco-environment, culture and education, outsourcing service and mixed ownership reform of state-owned enterprises in the forms of industrial funds, bank credit, equity investment, securities funds and industrial investment.
Various financial institutions under the CITIC Group including banks, securities, trusts and insurance companies will provide diversified financial services such as credit granting and equity investment to the city.
While in the eco-environmental protection area, the subsidiaries of CITIC Group which have engaged in the entire industrial chain of energy saving and environmental protection, will participate in wastewater treatment and soil remediation projects in Tianjin.