BEIJING, May 22 (Xinhua) -- The World Bank has approved a 200-million-U.S.-dollar loan to support green urban investments in China's Yangtze River Delta region.
The bank's board of executive directors approved the loan to the green urban financing and innovation project, which will help launch and operate the Shanghai Green Urban Financing and Services Co. to focus on sectors of water, wastewater and solid waste management.
The project will bring innovative solutions to help China meet its environmental investment needs and achieve its climate targets under its nationally determined contribution, said Martin Raiser, World Bank country director for China.
The bank expects the country's environmental infrastructure financing needs between 2014 and 2030 to be between 40.3 trillion yuan (about 5.8 trillion U.S. dollars) and 70.1 trillion yuan. Low-cost, long-term financing mechanisms are urgently needed, especially for small cities and towns whose infrastructure needs are poorly served by current financing frameworks.
The program will be co-financed by a loan of 150 million euros (about 167 million U.S. dollars) from the German Development Bank.