World Bank approves $150m loan for China’s infrastructure development
The World Bank’s Board of Directors has approved a loan of $150 million to the People’s Republic of China to support the development of the Xuancheng Economic and Technology Development Zone and prepare it for industrial relocation.
A press release issued on June 20, 2013, stated that, Xuancheng which is geographically situated at the nearest point in Wanjiang to the Yangtze River Delta is a good location for industrial relocation from the coast and the Xuancheng Economic and Technological Development Zone is the primary vehicle for the city to carry out its industrial relocation efforts.
The World Bank’s Senior Water and Sanitation Specialist, Suhail Jme’an said, “By bringing in global expertise and good practices, we hope this project can greatly improve the effectiveness and impact of this relocation zone, and set a good example not only for China, but also for other developing countries.”
The total project cost is estimated to be more than $343 million, with the International Bank for Reconstruction and Development (IBRD) loan of $150 million to finance 44%, said the release.
By Dorcas Appiah