Banks lend 100 bln yuan to snow-ravaged area

Updated: 2008-03-05 21:29

BEIJING -- China's financial institutions have issued 102.56 billion yuan (about 14.42 billion US dollars) in loans to snow-hit regions, Xinhua learnt from the country's top banking regulator on Wednesday.

The state-owned "big four" lenders have provided a combined 59 billion yuan in loans, according to the latest China Banking Regulatory Commission (CBRC) statistics.

The credit was crucial to restoring order in the snow-ravaged areas, CBRC said.

The credit mainly targeted restoration of transport, power, telecom, agriculture facilities and affected industries.

The harsh winter storms, which lasted for about one month starting in late January, toppled homes, cut power supplies, paralyzed transport and damaged crops. Direct economic losses totaled 111 billion yuan.

As of 5 p.m. Tuesday, 92.4 percent of power lines and more than 97 percent of transformer substations damaged nationwide had been restored to operation.

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