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Friday, September 22, 2023

Policy Bank in China Increases Support for Water Conservation Projects

BusinessPolicy Bank in China Increases Support for Water Conservation Projects

China Development Bank (CDB), one of the country’s policy banks, has announced its increased financial support for water conservancy projects across China. In the first quarter of 2023, the bank issued loans worth 65.5 billion yuan ($9.53 billion) to boost the construction of these projects. The bank provided 4.7 billion yuan of loans for the building of water supply facilities in rural areas of Southwest China’s Yunnan, North China’s Hebei, and Northwest China’s Ningxia. Furthermore, the bank released 3 billion yuan of bonds in March aimed at funding the country’s key water conservancy projects in the long term, with a validity of 20 years.

According to CDB, further efforts will be made to maximize the use and effectiveness of mid and long-term loans, as well as an infrastructure investment-oriented fund. The announcement highlights China’s commitment to promoting sustainable development and prioritizing investment in the water sector. The country faces a growing challenge of water scarcity, with population growth and rapid industrialization putting pressure on water resources. Therefore, investments in water conservancy projects are crucial for China’s social and economic development. This move is also in line with China’s 14th Five-Year Plan, which emphasizes environmental protection and resource conservation as key national priorities.

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