Economy

Markets

Industries

Insights

Reports

Events

World Bank grants loans to fund post-quake recovery projects

By Fu Jing (chinadaily.com.cn)
Updated: 2009-02-13 11:12

The World Bank has approved loans of $510 million to Sichuan and $200 million to Gansu to finance the reconstruction project undertaken by the bank in those two provinces hit by the May 12 earthquake.

Related readings: Quake-hit Sichuan to move 18,000 households to avoid disasters Beijing to offer more jobs for May quake survivors Wen in quake zone to celebrate New Year

The reconstruction focuses on infrastructure projects such as roads, bridges, water supply, wastewater and solid waste, and health facilities in selected counties in both provinces. In the case of Gansu, there is need to rebuilt the education facilities.

"This (World Bank) project will assist many communities affected by the devastating earthquake to rebuild their lives by restoring essential services," said project manager Mara Warwick, a senior urban environment specialist of the World Bank.

"While this project represents only a small part of the government's overall recovery effort, we are confident that the World Bank's extensive global experience in post-disaster reconstruction, management and prevention that will be shared through the project, will be of benefit to the participating provinces."

The earthquake, which registered magnitude 8.0 on the Richter scale, was the most devastating earthquake to hit China in modern history. The epicenter was in Wenchuan County in Sichuan province.

Official statistics show that there have been more than 69,000 recorded deaths; 374,000 injuries, and 18,000 missing. Total direct economic losses were estimated at $123 billion.