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World Bank gives China $710 million for Sichuan
2009-02-14
BEIJING - The World Bank said Friday it will provide a $710 million loan to China to help rebuild areas hit by last year's devastating earthquake. The magnitude 7.9 quake centered on Sichuan province was China's worst in a generation, leaving almost 90,000 people dead or missing and another 5 million homeless. China suffered $123 billion in direct economic losses. The money will finance infrastructure, health and education projects in western Gansu and Sichuan provinces, the bank said in a statement. "This project will assist many communities affected by the devastating earthquake to rebuild their lives by restoring essential services," project manager Mara Warwick said in the statement. The money will supplement the government's reconstruction efforts, the bank said. The quake devastated thousands of roads and other infrastructure in the region. Last year, China allocated 70 billion yuan ($10.2 billion) for reconstruction in the quake zone, according to the official Xinhua News Agency. The Sichuan provincial government has estimated post-quake rebuilding will cost about 1.6 trillion yuan ($234 billion).
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