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China Gets Light Rail Loan from Japanese Bank
[2009-03-02 10:22:07]
Chinese Ministry of Finance signed an agreement Thursday with the Japan Bank for International Cooperation (JBIC) for one light rail project loan of 22.75 billion yen (US$234.3 million).
The ministry said the loan will be used for equipment purchase in the first-phase construction of the No 3 light rail project in Chongqing municipality in southwest China.
According to the ministry, the city's first-phase construction of the No 3 light rail project will cost 5.815 billion yuan (US$851 million). The drawdown period of the loan will last till Dec 31, 2011, to be paid back over 16.5 years, including a grace period of three years.
The ministry said so far China has received about US$14.6 billion loans from JBIC, a government financial institution facilitating cross-border economic cooperation, for 84 projects.
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