China to manage foreign quake-related loans

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Source: CCTV.com | 04-01-2009 14:26

China says it will manage and repay international emergency assistance loans of 1.5 billion US dollars for reconstruction after last year's massive Wenchuan earthquake. The National Development and Reform Commission, or NDRC, announced the decision in Chengdu on Tuesday.

China says it will manage and repay international emergency  assistance loans of 1.5 billion US dollars for reconstruction  after last year's massive Wenchuan earthquake.

It says the move will help ease financing difficulties for quake-hit areas in Sichuan, Gansu and Shaanxi provinces. The bulk of money came from five international organizations, including the World Bank and the Asian Development Bank. The NDRC says the loans will be used for infrastructure, healthcare, education, environmental and energy projects.

Zhang Xiaoqiang, vice minister of National Development & Reform Commission, said, "This is the first time in history that we have such a large-scale cooperation involving international loans for post-disaster reconstruction. The cooperation plays a positive role in improving our emergency response mechanism and raising our capability in disaster prevention and relief."

Editor:Liu Anqi