The Export-Import Bank of China (China Exim Bank) has agreed to provide 8.96 billion yen (US$71.9 million) in loans provided by the Japanese Government for an air pollution treatment project in Beijing.
The bank signed a lending agreement with Beijing Zhengdong Electronic Power Group Co Ltd in Beijing yesterday.
The loans, which carry a term of 40 years, are part of the Japanese Government loans for the year 2001 for China, said Su Zhong, assistant president of China Exim Bank.
"The loans will be used to buy gas turbines, steam turbines, boilers and other equipment for the Beijing Electronics City Heating Power Project, which is designed to greatly reduce the problem of environmental pollution and provide heat for the Beijing Electronics City area," Su said.
The Beijing Electronics City, which covers a land area of 10.5 square kilometers, is located in the Jiuxianqiao area in northeastern Beijing.
The Jiuxianqiao area now has 128 coal-fueled boilers, which consume about 400,000 tons of coal every year, said Liu Renzhou, general manager of Beijing Zhengdong. "The area is one of the major air pollution sources in Beijing."
The air pollution treatment project will help reduce coal consumption by 300,000 tons, thus helping reducing air pollution, Liu said.
The project is expected to become a model of environmental protection and energy conservation in Beijing, he said.
(China Daily June 13, 2002)