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World Bank to Lend US$3 Billion to China
The World Bank (WB) is working on a lending portfolio in the range of three billion US dollars or more for about 30 projects in China in the 2002-2004 fiscal years.
Mr. Jemal-ud-din Kassum, WB's Vice President for East Asia and the Pacific Region, made the announcement at a press conference Thursday afternoon, ending his eleven-day visit to Beijing.
"Half of the fund will be channeled to China's poor western regions to help reduce poverty, and resolve the increasing inequality between the coastal and inland provinces," said Mr. Kassum.
This year's lending is expected to be around 900 million US dollars, which will be used to support eight projects in water conservation, transportation, pollution control and other fields, according to Kassum.
"As in the past, the World Bank stands ready to cooperate with China through effective projects and the application of international experience and cutting-edge technology to reduce poverty," Kassum said.
Over the past 20 years, the bank has supported about 230 projects with more than 34 billion U.S. dollars in loans and credits. China's portfolio remains the largest in the bank with about 110 ongoing projects, Kassum noted.
"In my meeting with the Ministry of Finance during my visit, both sides pledged to continue strengthening this long and productive relationship," Mr. Kassum said, adding that the two sides are currently forging a new Country Assistance Strategy (CAS) comprising lending with China over the next few years.
Mr. Kassum is leaving Beijing for Shanghai this afternoon to gain a better understanding of the issues and challenges that China faces in the rapid urbanization process. The Bank is financing a strong and growing urban investment portfolio in China, with fifteen ongoing projects receiving about two billion US dollars in loans and credit.
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