The China Development Bank will provide 37.2 billion yuan (US$4.65 billion) of loans to Ningbo, a booming city in east China's Zhejiang Province to boost its infrastructure construction.

 

The city and the bank have signed an agreement on the loans, which will be used to boost local infrastructure, energy and power grid construction, according to Ningbo municipal government.

 

The bank has loaned 25 billion yuan (US$3.13 billion) to Ningbo in the past years for the same purpose, said Zhong Weidong, chief representative of the Ningbo municipal office of the China Development Bank.

 

The new loans from the China Development Bank would be supportive to the city, while Ningbo is experiencing fast urbanization, said Shao Zhanwei, deputy mayor of Ningbo.

 

(Xinhua News Agency December 28, 2005)