World Bank loans $620 million to China

BEIJING - The World Bank announced Thursday that its board of directors has approved five loans totalling $620 million to China.

The money will be used to install rooftop solar panels for public schools in Beijing, fund low-carbon projects in Shanghai, improve a flood control system in Jingdezhen and enhance public services in selected cities and towns in the provinces of Jiangxi and Liaoning, according to a World Bank press release.

"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.

In 2011, the World Bank said it would extend $1.5 billion in loans to China every year over the following five years.

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