Three Gorges Project Estimated at a RMB$180Bn Less Cost

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Last updated at: (Beijing Time) Friday, November 01, 2002

Three Gorges Project Estimated at a RMB$180Bn Less Cost

By current progress, prices and trend forecasting of interest the Three Gorges Project is estimated at a cost of no more than RMB$180 billion or 20 billion yuan less than planned in 1994.

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Li Yong'an, secretary and vice-president with China Three Gorges Project Corporation (CTGPC) told lately that by current progress, prices and trend forecasting of interest the Three Gorges Project is estimated at a cost of no more than RMB$180 billion or 20 billion yuan less than planned in 1994. However, such estimation is based on condition that no major policy is adjusted and no big fluctuations of economic situations occur.

Project's construction cost averages US$1,200/kw

By the end of last October, a total of 84.381 billion yuan has been invested in the project, among which 38.229 billion yuan is for the water conservancy project and 35.535 billion yuan for the relocation of residents. In terms of the quality of construction, 130,629 unit projects are all rated as standard since 1993 to last October, which indicates an 80.94-percent ratio of good quality.

So far, an accumulated 86.652 billion yuan construction funds have been in place, including 35.818 billion yuan of Three Gorges Fund, state development bank's 25.7 billion loan, 7.7 billion loans from commercial banks, 3.25 billion foreign exchange loans, 14 billion of enterprises bonds, and 0.184 billion from other channels.

Since this year, 10.422 billion yuan has in place on the Three Gorges Project. Of these, 1.216 billion are Three Gorges construction fund, 1.8 billion of loan from state development bank, 1.55 billion loan from other commercial banks, 1.056 billion loans from foreign exchange, 4 billion of Three Gorges bonds, and 0.8 billion yuan short-term loans.

By PD Oline Staff Zhu Lizhen

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