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Nod to $550m projects

(China Daily)
Updated: 2008-06-26 10:24

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.

The new rural health project, which involves a $50 million loan from the Bank, will support and extend China's rural health reform by testing a series of new innovations in financing, delivery of services and basic public health, such as rural cooperative health insurance schemes.

The $50 million new rural migrant skills development and employment scheme is designed to help train China's estimated 150 million migrant workers.

Another $300 million project will support construction of the 355-km Shijiazhuang-Zhengzhou high-speed passenger railway.

"These projects are excellent examples of how the World Bank can help China with its environmental and social challenges," said David Dollar, World Bank country director for China.