NW China Province Gets More Credit for Road Construction

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Last updated at: (Beijing Time) Friday, May 16, 2003

NW China Province Gets More Credit for Road Construction

A credit line of 13.18 billion yuan (about 1.59 billion US dollars) was extended here Friday to northwest China's Shaanxi Province to boost local road construction.

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A credit line of 13.18 billion yuan (about 1.59 billion US dollars) was extended here Friday to northwest China's Shaanxi Province to boost local road construction.

The Shaanxi branch of the State Development Bank (SDB) extended the credit to build four expressways with a total mileage of 311 kilometers.

Total expenditure on the project is expected to reach 15.27 billion yuan (about 1.84 billion US dollars).

Of the credit, some 12.18 billion yuan (about 1.47 billion US dollars) is a long-term loan for 25 years and one billion yuan is a short-term loan.

Since the Financing Cooperation Agreement was confirmed betweenthe SDB and the Shaanxi provincial government in 1999, a total of 25.57 billion yuan (about 3.08 billion US dollars) has been lent to fund 16 highway construction projects in the province.

To date, the total mileage of roads at various levels in Shaanxi amounts to 46,564 kilometers, of which 653 kilometers are expressways.

Local communication official Wu Xiaojian said more expressways with a combined mileage of some 3,000 kilometers will be built by 2010, requiring a total investment of 84.5 billion yuan (about 10.2 billion US dollars).

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