Economy

China Three Gorges Corp secures $11b finance

(Xinhua)
Updated: 2010-10-27 15:30

BEIJING - China Development Bank (CDB) will offer China Three Gorges Corporation (CTGC) more than $11 billion in financial support over the next five years, said the bank on Wednesday.

Related readings:  Water level mark at dam reaches height of success  Dam gives tourism, transport a boost  Flood control results get good response  Three Gorges raises water to full capacity level

From 2010 to 2015, a total of 50 billion yuan (about $7.2 billion) and $4 billion will be offered to CTGC for its new energy projects such as hydropower and wind power projects and contract projects overseas, according to an agreement signed by the two sides on Wednesday.

CBD will continue to offer loans and use a variety of investment vehicles to support CTGC, said CDB President Chen Yuan.

The agreement marked the deepening cooperation between CBD and CTGC, said Cao Guangjing, chairman of the company.

The water level of the Three Gorges Dam, the world's largest water control and hydropower project developed by CTGC, reached its designed highest mark Tuesday.

So far, the company has borrowed more than $11 billion from CDB and received loans of over $8 billion to date.