Kuwait finances Chinese airport construction
The Kuwaiti government has committed to extending 9.5 million Dinar (about $30.87 million) of long-term credit for the construction of an airport in southwestern China, the state-run Xinhua news agency said.
The airport, to be located in Panzhihua city, a heavy industrial base in southwest China's Sichuan Province, will cost a total of 812 million yuan (about $97.8 million) and is scheduled to be completed in 2003.
The deal was signed Friday, August 31, at a ceremony attended by Chinese Vice-Finance Minister Jin Liqun and Kuwaiti Ambassador to China Abdul-Muhsen Nasir A. Geaan.
Geographic disadvantages and transportation inconveniences have hampered the economic development of the city, which is rich in vanadium, titanium, iron, coal and water resources, and is famous for its iron and steel and power industries, according to Xinhua. –(AFP, Beijing)
© Agence France Presse 2001
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