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China Development Bank allocates $147m for drought loans

(Xinhua)
Updated: 2009-02-13 00:03

BEIJING -- China Development Bank (CDB) said here Thursday it has allocated 1 billion yuan (about US$147.1 million) for emergency loans to support the fight against drought.

Related readings:  Efforts continue to combat drought  Fighting drought top priority: Wen  Another $12.69b earmarked for drought relief

The first loans involving 32 million yuan were extended Wednesday, the bank said. The money will be used to protect maturing crops, restore farm production and build irrigation facilities in seven hard-hit areas including Suqian, Lianyungang and Xuzhou in Jiangsu Province.

The bank was ready to offer loans to other drought-hit places, such as Hebei, Henan and Gansu provinces and Inner Mongolia Autonomous Region, CDB said.

CDB offered 5.44 billion yuan of emergency loans in 2008 after such disasters as the May 12 earthquake in southwestern China and the severe snowstorm that hit southern China early last year.