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China's mid-west regions to get more loans: ADB official
2003-09-25
Xinhua
China's middle and western regions will get more development loans over the next three years, said an official with the Asian Development Bank (ADB) in Beijing on September 25.
Joseph B Eichenberger, vice-president of ADB, was saying this at the opening ceremony of the Fourth Western China International Economy and Trade Fair held in Chengdu, capital of Southwest China's Sichuan Province.
The ADB's direct investment in major projects in mid-western regions would total US$1.5 billion by 2005, three quarters of which was for infrastructure construction, said Eichenberger.
Some key projects that exploit environmentally-friendly energy sources and retain water and soil would be included to boost sustainable economic growth and alleviate poverty. The bank would also invest in small hydroelectric plants and sewage disposal projects in Sichuan and other western regions, he said.
"The ADB has had a long and fruitful partnership with China, investing more than US$12 billion to promote growth and development and to widen the scope of opportunity for the poor," he said.
The expressway between two Sichuan cities Chengdu and Nanchong has been successfully completed with ADB funding of US$250 million, making it the largest ADB investment project on the Chinese mainland. At present, the bank is investing US$300 million in an expressway between Xichang and Panzhihua in Sichuan.
China's mid-western regions had great potential and a promising future. The ADB was ready to deepen its partnership with China, Eichenberger said.
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