$250m AIIB loan set for coal-to-gas con­ver­sion

China Daily European Weekly - - New Digest -

The Asian In­fra­struc­ture In­vest­ment Bank an­nounced on Dec 11 a $250 mil­lion (212.7 mil­lion eu­ros; £187.6 mil­lion) loan for a nat­u­ral gas project in Bei­jing, the bank’s first such in­vest­ment in China, to help cut coal use and im­prove air qual­ity in the cap­i­tal area. The loan, also the AIIB’s first cor­po­rate fi­nanc­ing deal, will be ex­tended to Bei­jing Gas Group Co to carry out coal-to-gas con­ver­sion pro­jects that will en­able ru­ral house­holds to use gas in­stead of coal for cook­ing and heat­ing. The project will in­volve con­struc­tion of nat­u­ral gas dis­tri­bu­tion net­works, pipelines and house­hold con­nec­tion fa­cil­i­ties, the Bei­jing-based mul­ti­lat­eral fi­nan­cial in­sti­tu­tion said in a state­ment. Sched­uled to be com­pleted in 2021, the project will help China re­duce coal use by about 650,000 met­ric tons an­nu­ally through con­nect­ing about 216,750 house­holds in ap­prox­i­mately 510 ru­ral vil­lages to the nat­u­ral gas dis­tri­bu­tion net­work, ac­cord­ing to the AIIB.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.