Nod to $550m projects

The World Bank approved a $550 million loan for four new China projects yesterday, reiterating its support for innovative development projects in China, bringing its total investment to more than $1.5 billion for the fiscal year ending June 30, 2008.

The latest projects include a rural health scheme, a skill development and employment project for migrant workers and two transport initiatives.

In Xi'an, the capital of Shaanxi province and home to the world-renowned Terracotta Warriors, the Bank will provide a $150 million loan to finance Xi'an's sustainable urban transport project, which will provide strategies for bus prioritization, bicycle routes, traffic easing and speedreduction to foster better road use and access to cultural sites.