On August 31, Chinese state-owned China Development Bank (CDB) signed a ‘development finance cooperation agreement' with major Chinese steelmaker Baosteel, worth up to $10 billion.
According to the agreement, the CDB will cooperate in promoting Baosteel's overseas purchasing projects, its overseas investment projects, as well as its merger and integration activity in the domestic industry.
By the end of August this year, China Development Bank loans to Baosteel reached a total value of $1.6 billion.