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China receives 400m euros in loans from EIB in 2015

Updated: Dec 25,2015 4:36 PM     Xinhua

BEIJING — China received more in loans in 2015 from the European Investment Bank (EIB), with faster loan processing time, compared with recent years.

Around 401 million euros ($439 million) in loans from the EIB were invested in 10 projects in China in 2015, mainly focusing on forest development, energy conservation and environmental protection, the Ministry of Finance said on Dec 25.

The projects are key to improving the environment and boosting sustainable development of the economy, the MOF said.

The EIB, the European Union’s public financing institution, was set up in 1958, and is responsible for long-term investment loans to more than 130 countries and regions. It mainly finances transportation, communications and energy projects.

China received its first loan from the EIB in 1995 to bolster an oil and natural gas exploration project in the East China Sea.