Billions of foreign capital supports Shanxi's development
The total utilized foreign capital of North China's Shanxi province has reached about 23 billion yuan ($3.45 billion) since the province first began applying for foreign loans in 1989.
Foreign loans include those from international financial organizations and foreign governments, with an annual interest rate generally below 3.5 percent and an average repayment period of 15 to 25 years.
The foreign capital has been used in industry, energy, transportation, environmental protection, urban construction, agriculture, forestry, aquatic animal husbandry, medical care, and education, providing support for Shanxi's infrastructure construction, environmental improvement, rural vitalization, regional balanced development and technology introduction.
This year, Shanxi's three foreign government loan application projects have been approved by the State, with total utilization of foreign capital equal to about 860 million yuan.
The loans will be used for the ecological restoration of the Changyuan River National Wetland Park in Qixian county, the comprehensive utilization of water resources and the construction of modern agricultural facilities in Pingding county, as well as vocational school construction in the Xiangfen Development Zone.