Agricultural Development Bank loans $2.4b for China water facilities

The Agricultural Development Bank of China said last week that it loaned 15.5 billion yuan (USD2.41 billion) for water facilities construction in the first half of this year.

The amount was higher than that of the same period of previous years, the bank said, expecting the full-year amount to exceed 30 billion yuan.

The bank said it is negotiating with the Ministry of Water Resources to sign a strategic co-operation contract in this area, aiming to establish a long-term co-operation mechanism to back the government's plan to improve water facilities.

The lender plans to lend 30 to 40 billion yuan every year for water facilities construction during the five years to 2015, according to the bank.