On October 13, 2011, China CITIC Bank and the Ministry of Economy and Public Finance of Argentina concluded a loan agreement in Beijing on the batch 2 & 3 contract for exportation of 279 metro vehicles to Buenos Aires by CITIC Construction Co.,Ltd. As the promoting bank, China CITIC Bank will grant a loan of 85% of the contract value in association with ICBC Asia and Wing Lung Bank, with a sum of 200 million U.S. dollars. The consummation of the agreement implies that all metro vehicles running on Line A in the Argentine’s capital city will be replaced with 150 new vehicles in the coming three years.
Those who attended the signing ceremony included Fan Zheng, vice president of CITIC Construction; Shen Qiang, vice president of the Business Department of the Head Office of China CITIC Bank; the deputy state secretary of the Ministry of Economy and Public Finance, the director of the Department of International Credit Financing Projects and the director-general of the Bureau of Bilateral Foreign Financing of Argentina.