Three Gorges Project gets 5 billion yuan more loans

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Last updated at: (Beijing Time) Sunday, November 16, 2003

Three Gorges Project gets 5 billion yuan more loans

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The China Development Bank granted five billion yuan (more than 600 million US dollars) more loans to the Three Gorges Project Saturday, making the bank's loans to the project total 35 billion yuan (about 4.23 billion US dollars).

The China Development Bank (CDB) signed the loan contract with the China Yangtze Power Co., Ltd on Saturday in Wuhan, central China's Hubei province. Yangtze Power will use the money to purchase the first batch of four power generating units that have become operational this year.

The CDB offered a loan of 30 billion yuan (3.6 billion US dollars) in 1994 with a credit period of 15 years when the gigantic Three Gorges Project was just launched, said an official with the China Development Bank.

The CDB has always been the major financial supporter of the Three Gorges Project in its past 10 years of construction.

Besides loan support, the CDB has also provided a range of financial services including financial consultations.

The Three Gorges Dam Project began in 1993, with an estimated total investment of 180 billion yuan (21.8 billion US dollars). The world's largest dam is expected to be completed by 2009.

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