The World - News from Oct. 25, 1987

The Soviet Union and China will provide $173 million in loans to help build twin, 31-mile-long rail tunnels under the English Channel, a spokesman for the Anglo-French consortium Eurotunnel said in London. The Moscow Narodny Bank is expected to put up $107 million, and the Bank of China and China’s Citic Industrial Bank are expected to lend $66 million, the spokesman said. Eurotunnel plans to raise $8.25 billion of the $10-billion estimated cost of the tunnel from 198 banks. The banks’ underwriting agreements, however, will be conditional on the consortium raising $1.2 billion next month through a stock issue. The project is scheduled for completion by 1993.