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