China to get 710 million dollar loan from World Bank for quake recovery

Washington/Beijing, Feb.13 (ANI): China is to receive 710 million US dollars from the World Bank as a loan to help rebuild its earthquake-hit areas.

According to reports, the loan will be used to finance infrastructure, health and education projects in western Gansu and Sichuan provinces, the areas that suffered the most damage in the 7.9 earthqquake. The calamity left almost 90,000 people dead or missing and another five million homeless.

China suffered 123 billion US dollars in direct economic losses.

"This project will assist many communities affected by the devastating earthquake to rebuild their lives by restoring essential services," Xinhua quoted project manager Mara Warwick, as saying on Friday.

The money will supplement the government's reconstruction efforts, the bank said. The Sichuan provincial government has estimated post-quake rebuilding will cost about 1.6 trillion Yuan. (ANI)