World Bank to Issue US $1.5 Bln in Loans to China Annually for Next Five Years
The World Bank is to extend US $1.5 billion in loans to China every year for the next five years, said Rachel Kyte, the bank's vice president and head of its sustainable development network. The loans will be used to support transportation, environmental protection, natural resource management, rural poverty alleviation and renewable energy projects. The bank would also provide policy suggestions and loans for China to help promote the development of the country's cultural industries. Since 1993, the bank has issued US $260 million in loans to China to finance cultural heritage protection projects. The World Bank has granted US $49.15 billion in loans to support 337 projects in China since 1981, with 73 projects currently under way. |