Harbin gets big Euro loan for renovations

The European Investment Bank (EIB) has given northeast China's Harbin City 50 million euros in low-interest loans to renovate residential buildings and school dormitories.

Harbin's bureau of finance said on Sunday that the loans will mature in 18 years, with an interest rate of 0.44 percent, much lower than the 4.9-percent mid- and long-term loan rate of the renminbi, China's currency, in domestic banks.

Many of the 806 buildings to be renovated were built in the 1980s and are not energy-efficient.

Upon completion, the projects will slash annual emissions of carbon dioxide, sulfur dioxide, oxynitride and dust by 266,000 tonnes, 1,740 tonnes, 1,630 tonnes and 1,040 tonnes. Endi