BEIJING, Sept. 19 -- The Chinese central government will budget 30 billion yuan (4.9 billion U.S. dollars) in economic assistance to drought-hit regions over a three-year period, the Ministry of Water Resources said on Friday.

The funds will be provided to local governments on an annual basis, with 10 billion yuan to be allocated each year for the 2014-2016 period, according to the ministry.

The money will be used to build 310 small reservoirs and dig 4,791 wells for emergency drought relief during the period. The money will also be used on more than 3,000 water-diversion projects, the ministry said.

The budget aims to make safe drinking water available to people in drought-hit regions and ensure irrigation water for staple crops, according to the ministry.