CDB to finance China Three Gorges Co. with over 11 bln U.S. dollars

China Development Bank (CDB) will offer China Three Gorges Corporation (CTGC) more than 11 billion U.S. dollars in financial support over the next five years, said the bank on Wednesday.

From 2010 to 2015, a total of 50 billion yuan (about 7.2 billion U.S. dollars) and four billion U.S. dollars will be offered to CTGC for its new energy projects such as hydropower and wind power projects and contract projects overseas, according to an agreement signed by the two sides on Wednesday.

CBD will continue to offer loans and use a variety of investment vehicles to support CTGC, said CDB President Chen Yuan.

The agreement marked the deepening cooperation between CBD and CTGC, said Cao Guangjing, chairman of the company.

The water level of the Three Gorges Dam, the world's largest water control and hydropower project developed by CTGC, reached its designed highest mark Tuesday.

So far, the company has borrowed more than 11 billion U.S. dollars from CDB and received loans of over 8 billion U.S. dollars to date.

[Source: Xinhua, Beijing, 27Oct10]

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