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Wednesday, August 02, 2006
China gets funds for road upgrade
MANILA - The Asian Development Bank (ADB) will extend a $200-million loan to China to upgrade a key highway in the northeastern province of Heilongjiang, the Philippines-based lender said yesterday.
A total of 428 kilometers (265 miles) of the Jixi-Nehe provincial highway would be upgraded, along with 170 kilometers (105 miles) of rural roads feeding the artery of the industrial region, a bank statement said.
Parts of the highway are mere gravel roads, all in poor condition, it said.
Some sections lack drainage and are impassable during winter or wet seasons. Traffic congestion from the poor conditions raises transport costs.
“The project will improve transport efficiency and safety, expand the transport network in Heilongjiang, and improve access to income-generating opportunities and social services,” said ADB transport specialist Kwon Eun Kyung.
The project is ADB’s first loan for local roads and non-expressways in China and covers about 38 percent of the project cost. It carries market rates and matures in 25 years, with payments starting on the sixth year.
As of end-2005, ADB had approved $6.37 billion in loans to develop road infrastructure in China. (AFP)
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