China's Three Gorges Dam Gets New $220 Million Loan
11/3/97
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Headline: China's Three Gorges Dam Gets New $220 Million Loan
Source: Reuters
Date: 11/3/97
BEIJING, Nov 3 (Reuters) - An international bank consortium has signed a
$220 million loan agreement with China's State Development Bank to fund the
purchase of generators for the Three Gorges dam, the Economic Daily
reported.
The consortium of 14 Asian and European banks was led by France's Societe
Generale (SOGN.PA) and Hongkong and Shanghai Banking Corp (HSBA.L), the
newspaper said in its November 2 edition.
The loan had a 15-year term with a nine-year grace period, the newspaper
said.
Separately, the State Development Bank had obtained another syndicated loan
worth $94.815 million from foreign banks for the dam, it said.
That loan, which had a 21-year term with a nine-year grace period, was
headed by Banque Nationale de Paris and Midland Bank, it said.
China's huge Three Gorges dam on the Yangtze River is expected to cost 240
billion yuan ($29 billion) when it is completed in 2009.
China in August awarded contracts to supply 14 700-megawatt generators worth
about $720 million to several European and Canadian firms.