January 22, 2015 / 12:35 PM / 5 years ago

China Development Bank releases $95 billion lending plan - Xinhua

BEIJING, Jan 22 (Reuters) - China Development Bank, the central government policy lender responsible for large infrastructure investment at home and overseas, plans to make new loans of at least 590 billion yuan ($95.03 billion) in 2015.

The government lender will provide at least 400 billion yuan in loans to support renovation of dilapidated urban housing, the official Xinhua news agency reported, citing the bank’s lending plan.

An additional 100 billion yuan will be made available to support railway projects, while 90 billion yuan will be allocated to key water infrastructure projects.

Xinhua gave no other details.

In 2014, the bank gave loans of 408.6 billion yuan to support urban renovation, with new lending for railway and water projects reaching 119.5 billion and 81.4 billion respectively.

China Development Bank, set up in 1994, operates under the jurisdiction of China’s State Council, or cabinet. In recent years, it has allocated more capital to finance the country’s big infrastructure and telecommunications firms bidding for contracts in Asia, Africa and Latin America. ($1=6.2085 Chinese yuan renminbi) (Reporting by Matthew Miller; Editing by Clarence Fernandez)

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