$1.02 Billion in Loans Approved: The World Bank announced the loans and a loan guarantee to China, its biggest borrower. The largest was a $400-million loan to increase electric power in Zhejiang province. In addition the bank will furnish a guarantee of $150 million worth of loans from commercial banks. A loan of $270 million from the World Bank will improve electric power transmission in Sichuan province. The bank will also lend $200 million to develop new technologies for China's industry.
Times Staff and Wire Reports
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