SHIJIAZHUANG, Jan. 24 -- North China's Hebei Province has received 300 million U.S. dollars in policy-based loans (PBL) from the Asian Development Bank to improve air quality, the Hebei Finance Department announced Sunday.
The 15-year loan, with an annual interest rate of 1 percent, is the first policy-based loan from ADB to China, the department said in a statement.
Hebei is undergoing major reforms of its energy structure and economic policies. It will use clean energy to replace coal, push for development of public transport and increase the use of bio-fuel in rural areas, the statement said.
The loans will help reduce Hebei's annual coal consumption by about 12.4 million tons, or about 4 percent of the province's total coal consumption in 2012.
They will also help cut air pollutants and greenhouse gas emissions, with carbon dioxide emissions alone reduced by 18 million tons a year against 2012 levels.
The loan is accompanied by expected cofinancing from KfW Development Bank of 150 million euros to support Hebei's clean-air spending.
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