US$ 100mn loan to decrease water pollution in Wuhan
10 Jul '06
3 min read
As a result of the project, more than three million urban residents of Wuhan will benefit from reduced water pollution, protection from flooding, eliminated hazards from poor drainage, and reduced incidence of waterborne diseases.
ADB's loan will finance 38 percent of the project's estimated total cost of $266.4 million. The loan comes from ADB's ordinary capital resources and carries a 25-year term, including a grace period of 5 years. Interest rate will be based on ADB's LIBOR-based lending facility.
The local government will shoulder 27 percent of the project's cost, equivalent to about $72.3 million, while the balance will come from domestic commercial banks. The Wuhan municipal government is the executing agency for the project, which is due for completion in December 2010.
ADB, based in Manila, is dedicated to reducing poverty in the Asia and Pacific region through pro-poor sustainable economic growth, social development, and good governance. Established in 1966, it is owned by 65 members - 47 from the region. In 2005, it approved loans and grants for projects totaling $6.95 billion, and technical assistance amounting to $198.8 million.
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