The Asian Development Bank plans to lend an average of $1.5 billion per year to China over the next two years. Its updated strategy indicates that the ADB will continue to focus on the poorer central and western provinces. “The ADB’s future operations in the PRC will emphasize rural development, environment, energy conservation, urban development, and regional cooperation, in line with the country’s 11th Five-Year Program for 2006-2010,” ADB country director Toru Shibuichi said. “ADB will mobilize resources and develop new instruments to meet the demand for more balanced development among China’s regions, and between the country’s rural and urban areas,” Shibuichi added. The bank will increase its funding for agriculture and natural resources projects from 10 percent to 25 percent and for the social infrastructure sector from 10 percent to 23 percent. The transportation sector will receive less loans and its proportion of the total package will drop to 41 percent from 59 percent in 2005.
Sources:
ADB to offer China three billion US dollars in loans (PTI)
ADB to offer China 3 billion US dollars in loans in next two years (Xinhua)
