Qingdao Dongjiakou Port will receive a total loan of 12.5 billion yuan ($1.99 billion) from the Qingdao Branch of China Development Bank, according to a contract signed on Wednesday, Feb 15.

The fund will include two parts?- 11.4 billion yuan ($1.81 billion) for infrastructure and auxiliary projects and 1.1 billion yuan ($0.18 billion) for ore dock projects from the Qingdao Port Investment and Construction Group, an affiliated company of the port.

Dongjiakou Port, part of Qingdao Port in East China's Shandong province, plans to build its fourth generation port, a shipping and storage center for bulk cargo and energy. It's estimated that 35 billion yuan ($5.6 billion) will be invested in the infrastructure programs of the Dongjiakou Port.

Currently, 12 billion yuan ($1.9 billion) has been used in port approaches, a breakwater project, an inspection center, a command and control center, water and electricity pipe network projects, and more.

The loan contract between the Qingdao Dongjiakou Port and the Qingdao Branch of China Development Bank symbolizes the beginning of all-round development for the port's infrastructure and auxiliary programs.

The port's development will help Qingdao Port rank at the global forefront in capacity for ore, crude oil and containers, and will also make Shandong a shipping hub of northeast Asia.

By Xie Chuanjiao and Huang Yaning (chinadaily.com.cn)

Edited by Chen Zhilin and Rakhee M