The Asian Development Bank (ADB) will provide China loans up to 1.5 billion U.S. dollars every year from 2008 to 2010 to focus on programs that will promote integrated rural and urban development and environmental protection, the regional bank said Friday.
In the freshly-released Country Partnership Strategy (CPS) with China, the ADB said the priority sectors identified under the strategy are transport and communication, energy, water supply and sanitation, agriculture and natural resources, and finance.
In addition to loans, the ADB also expects to provide 20 million U.S. dollars annually in grants to fund CPS projects.
A CPS is the primary planning instrument guiding ADB's operations in a developing member-country, as well as the monitoring and evaluation tool to track the country's performance during the course of the CPS.
The previous CSP for China focused on pro-poor growth by improving the access of the poor to economic benefits. Through the program, the ADB said it funded 24 public-sector projects totaling4.26 billion U.S. dollars, extended 49.67 million U.S. dollars in technical assistance, and provided 395.7 million U.S. dollars in private-sector project assistance.
"Reducing poverty remains a daunting challenge in China. Sustaining growth will be vital for this, but that will not be possible without addressing environmental degradation, growing inequality, and the strains on resources," said Robert Wihtol, Country Director of ADB's PRC Resident Mission.
The bank said the CPS also puts emphasis on encouraging more private-sector participation in efforts to eradicate poverty in China and fostering regional cooperation that will allow the PRC to play a more prominent role in providing assistance to other developing economies in Asia in partnership with the ADB.
Source:Xinhua
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