Money

CDB lends 90b yuan to rebuild Sichuan quake zone

(Xinhua)
Updated: 2011-05-11 16:43

BEIJING -- China Development Bank, one of the three policy banks in China, said on Wednesday that by the end of last month, it had issued 90.3 billion yuan ($13.89 billion) to rebuild areas hit by a devastating earthquake in southwest China's Sichuan province in 2008.

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The loans, which had been extended to 51 county-level regions, were used to support the construction of infrastructure and public facilities, the development of key industries as well as housing reconstruction.

The devastating quake, centered in Wenchuan county in Sichuan province on May 12, 2008, left 87,000 people dead or missing and millions homeless.

The lender said its 99 loan projects were affected by the quake, and 12.9 billion yuan of its loans became non-performing loans (NPL) as a result of it.

However, by the end of last year, the bank had resolved 7.36 billion yuan of NPL and written off 3.8 billion yuan of NPL caused by the earthquake.

The lender said it would continue use its edge in mid- to long-term investment and financing to support post-quake reconstruction and boost local economic development.