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China's mid-west regions to get more loans: ADB official

(Xinhua)
Updated: 2003-09-26 11:29

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) Thursday.

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 this capital city of southwest China's Sichuan Province.

The ADB's direct investment in major projects in mid-western regions would total 1.5 billion US dollars 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 12 billion US dollars 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 250 million US dollars, making it the largest ADB investment project on the Chinese mainland. At present, the bank is investing 300 million US dollars 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.