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Chinese Bank Supports Rural Electricity Network
The Agricultural Bank of China (ABC) announced Monday that by the end of August, it had granted loans of 94.3 billion yuan (11.5 billion US dollars) to support the remodeling of rural electrified wire networks in 1,500 counties.
A spokesman for the bank said that the changes to rural power supply facilities have not only improved the quality of rural power, but also lowered power prices, which can cut the financial burden on farmers by over 10 billion yuan annually.
He said that the make-over along with the alignment of power prices in rural and urban areas are important steps in the State's policies of expanding domestic demand and implementing pro-active fiscal policies.
According to the government's plan, the project will be carried out in two stages, the first, to be completed by the end of this year, will need a total investment of 189.3 billion yuan, of which 138 billion yuan will be ABC loans.
The second stage project will cost 100 billion yuan, and is in the preparation stages.
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