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Bank signs loan for quake zone
By Winny Wang |
February 21, 2009, Saturday
|
Print Edition
Print Edition
The Asian Development Bank yesterday approved a US$400-million loan to help China rebuild earthquake-hit Sichuan and Shaanxi provinces.
The money will be used to rebuild more than 350 roads and bridges, and 12 schools in the two provinces, which were struck by the 8.0-magnitude earthquake last May.
The project will benefit about 5.8 million people, including many poor people from rural areas who were left homeless, isolated and without livelihoods by the quake.
"The project will help to revive economic activity in the affected provinces, enabling people to resume and improve their livelihoods and return to normal life," said Manmohan Parkash, project team leader with the Manila-based bank's East Asia Department.
A key element of the reconstruction work is that it will incorporate earthquake-resistant designs. Sichuan and Shaanxi are prone to natural disasters, and public concerns were voiced about the quality of some buildings, including schools, after last year's tragedy.
Earlier this month, the World Bank's board also approved a US$710-million loan to finance the reconstruction of infrastructure and the health and education sectors in earthquake-hit Sichuan and Gansu provinces.
The earthquake killed more than 69,000 people. The total direct losses have been estimated at 844 billion yuan. China has estimated the cost of reconstruction at US$147 billion.
The money will be used to rebuild more than 350 roads and bridges, and 12 schools in the two provinces, which were struck by the 8.0-magnitude earthquake last May.
The project will benefit about 5.8 million people, including many poor people from rural areas who were left homeless, isolated and without livelihoods by the quake.
"The project will help to revive economic activity in the affected provinces, enabling people to resume and improve their livelihoods and return to normal life," said Manmohan Parkash, project team leader with the Manila-based bank's East Asia Department.
A key element of the reconstruction work is that it will incorporate earthquake-resistant designs. Sichuan and Shaanxi are prone to natural disasters, and public concerns were voiced about the quality of some buildings, including schools, after last year's tragedy.
Earlier this month, the World Bank's board also approved a US$710-million loan to finance the reconstruction of infrastructure and the health and education sectors in earthquake-hit Sichuan and Gansu provinces.
The earthquake killed more than 69,000 people. The total direct losses have been estimated at 844 billion yuan. China has estimated the cost of reconstruction at US$147 billion.
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