The World Bank said Wednesday it will help finance a Chinese company's construction of a large production plant for clean-burning fuel made from coal.
The International Finance Corporation, the World Bank's private sector arm, said its financing for the Xinao Group would include the purchase of US$10 million in shares, a US$50 million loan and the organization of up to US$140 million from commercial banks.
Officials said in a release the bank wanted to help China sate its huge energy demands and also find alternatives to coal-burning stoves, a major health problem for China's poor.
(China Daily/Agencies August 3, 2006)
