The Asian Development Bank (ADB) approved Thursday a 250 million-dollar loan to build road projects in Shaanxi province in China to reduce poverty in the underdeveloped region, a bank statement said.
The project will include the construction of a 176-kilometer (109 mile) expressway and the improvement of 600 kilometers of local roads, the Manila-based ADB said.
Through this project, Shaanxi will be linked to Beijing and to the eastern ports of China, expanding the market for the province's agricultural and industrial products, it said.
Residents of Shaanxi will also get better access to economic opportunities and social services and hopefully attract more investment to the region.
Construction of the expressway will also reduce traffic congestion, improve road safety and reduce travel time, the bank said.
About 3.8 million people will directly benefit from the project, the bank added.
The total cost of the project is seen at 757 million dollars with the ADB shouldering a third of the cost while the China Construction Bank and the Ministry of Communications will cover the balance.
The road project is expected to be completed by September, 2005. |
