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Home >> Business
UPDATED: 08:46, November 16, 2005
Three Gorge Project costs more than 16 billion US dollars: official
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The cost of building the Three Gorges Project has totaled 130 billion yuan (about 16.11 billion US dollars), said a senior official with the project on Tuesday.

Gao Jinbang, vice director of Three Gorges Project Construction Committee (TGPCC) under the State Council, said the project has won great support from the financial sector over the past 12 years at the on-going forum on economic development and financial services in Three Gorges Area, held in the southwest China municipality of Chongqing.

Gao said that the financial institutions also helped a lot in supervising the proper use of construction funds, since they enjoy vast networks and rich human resources.

Gao said that the financial institutions played an essential role in facilitating the smooth construction of the Three Gorges Project. The banks also provided funds to improve technologies in China's hydropower generation equipment producers and supported equipping the project with home-produced machines.

Gao also noted that financial institutions injected a large amount of funds to help the relocated firms, immigrants, laid-off workers, and to restructure the industries.

Source: Xinhua

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