World Bank loan for low carbon transition project takes effect
2024-12-27 21:12:53
By Tan Maolin.
The World Bank loan of 250 million U.S. dollars to the Low Carbon Transition of Urban Mobility in Yichang, China’s Hubei Province, has taken effect.
This project, led by the Yichang Urban Development Investment Group, is aimed to reduce carbon emissions in the transportation sector by approximately 500,000 tons, and increase the average daily ridership of public transport by 30 percent.
The 5-year project is backed by investments of 426 million dollars, of which 250 million dollars is provided by the World Bank loan.
This program marks the first World Bank results-based loan in China targeting low-carbon urban transportation transformation, and the largest single loan in Yichang since its welcoming foreign investment in 1987.
The World Bank loan of 250 million U.S. dollars to the Low Carbon Transition of Urban Mobility in Yichang, China’s Hubei Province, has taken effect.
This project, led by the Yichang Urban Development Investment Group, is aimed to reduce carbon emissions in the transportation sector by approximately 500,000 tons, and increase the average daily ridership of public transport by 30 percent.
The 5-year project is backed by investments of 426 million dollars, of which 250 million dollars is provided by the World Bank loan.
This program marks the first World Bank results-based loan in China targeting low-carbon urban transportation transformation, and the largest single loan in Yichang since its welcoming foreign investment in 1987.
