Agricultural Bank of China and HNA Group, the parent of Hainan Airlines, will set up a Rmb20bn logistics industry fund in Chongqing municipality, said Xiang Junbo, chairman of the state-owned bank.

According to domestic media reports, the fund will mainly be used for the construction of three logistics bases for the railway, highway and aviation sectors, and four terminals, including Cuntan, Guoyuan and Huangqian.

The logistics fund was approved in August 2010 by the National Development and Reform Commission.

In a separate development, Agricultural Bank of China has signed an agreement with the government of Chongqing’s Liangjiang New Area to grant it a credit line of Rmb100bn over the next five years.