ADB approves $300m loan to fund greening of Chinese coal city
Monday, 2 October 2023
BEIJING, Oct 01 (Reuters): The Asian Development Bank (ADB) said on Saturday it had approved a $300 million loan to an industrial city in a major Chinese coal-producing province to help "catalyse green" transformation of the city of 3 million people.
The loan for Changzhi in the northern province of Shanxi will help fund a $665 million project, partly financed by the Chinese government, to reduce poverty, cut carbon emissions and improve urban liveability in a city that has long depended on coal, the ADB said.
Changzhi's low rainfall also exposes it to wildfire and drought, worsened by climate change, with increasing depletion of its water table, according to the Manila-based development lender.