World Bank approves USD 620 million loan to China

The World Bank has approved five loans totalling USD 620 million to China to be used in projects like installing solar panels on rooftops of public schools in Beijing and fund low-carbon projects in Shanghai.
The money will also be used to improve a flood control system in Jingdezhen and enhance public services in selected cities and towns in the provinces of Jiangxi and Liaoning, a World Bank press release here said today.
"We are pleased to support China's efforts to reduce energy intensity, carbon emissions and urban vulnerability to floods, as well as improve urban public services for the people," the release cited Mark Lundell, World Bank sector manager of the sustainable development department for China and Mongolia, as saying.

This announcement comes as the World Bank in 2011 had said it would extend USD 1.5 billion in loans to China every year over the following five years.