Ten Billion Yuan in Credit for Highway Construction in NW China Province

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Last updated at: (Beijing Time) Monday, November 11, 2002

Ten Billion Yuan in Credit for Highway Construction in NW China Province

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China's State Development Bank (SDB) has issued a credit line of 10 billion yuan (about 1.2 billion US dollars) to the Communications Department of Gansu province to accelerate highway construction in the region.

According to the province's development plan, a total of 41. 2 billion yuan (about 4.96 billion US dollars) will be spent between 2001 and 2005 to expand the highway infrastructure by 3,283 kilometers to reach a total of 42,627 kilometers.

Construction of a highway network built around the capital city of Lanzhou is currently underway. The province's multilevel highway, also in progress, now measures 3,600 kilometers, and involves a total investment of 32 billion yuan (about 3.86 billion US dollars).

China's largest policy-lending bank, the SDB has spearheaded the effort to provide increased support for the country's western development strategy.

Since its branch office was established in Lanzhou in 1999, the bank has extended an additional nine billion yuan (about 1.08 US dollars) in loans to Gansu, greatly alleviating the province's capital shortfall.

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