Grand Power Receives Project Loan from China’s ICBC Bank

Grand Power Logistics Development Ltd., a subsidiary of Calgary-based Grand Power Logistics Group Inc., announced that it has received a US$246 million project loan from the Industrial and Commercial Bank of China for the Yangshan International Container Transit Logistics Park project in Zhoushan city in China. The Yangshan deep-sea port is located 26 km off of the coast of Shanghai, and is expected to be developed fully by the year 2020. The entire project is estimated to cost between US$12 billion and $18 billion, with two of four development phases already completed.