The Bank of China (BOC) will extend a 60 billion yuan (US$8.78 billion) credit line to Aviation Industry Corp. of China (AVIC), the country's major state-owned aircraft builder, the lender said in Beijing.

Under the agreement signed on Feb. 6, BOC pledged to build a "long-term and comprehensive" strategic partnership with AVIC and help the group to expand overseas.

The move followed China's latest stimulus measure, announced on Feb. 5, to bolster the machinery manufacturing industry.

AVIC sealed strategic cooperation agreements with 10 Chinese commercial banks earlier, which gave it access to 176 billion yuan in credit lines.

AVIC, a conglomerate under the direct administration of the central government, was formed on Nov. 8 by the merger of two other companies.

It has 200 subsidiaries, more than 20 listed companies, total assets of more than 290 billion yuan and about 400,000 employees.

Photograph: Official signing ceremony of the strategic partnership between Bank of China (BOC) and Aviation Industry Corp. of China (AVIC) on Feb. 6, 2009.