ADB to lend $4.5b to China

ADB to lend $4.5b to China

MANILA: China is in line to get up to US$4.5 billion in loans
from the Asian Development Bank (ADB) in the next three years to
fund poverty reduction projects, the Philippines-based lender
said on Monday.

The lending program has been approved by the Manila-based
bank's board of directors in its updated country strategy for
China, an ADB statement said.

The funds will be used in projects primarily to reduce the
inequality between coastal and interior provinces and the income
gap between urban and rural populations, ADB said. Grants
totaling $11 million every year would complement the loans, it
said. -- AFP