Ordos firm gets Asian Infrastructure Investment Bank funds

Updated: 2022-09-15 (chinadaily.com.cn) Print

Western Natural Gas Co -- a resident enterprise of Ordos city in North China's Inner Mongolia autonomous region -- recently got approval from the Asian Infrastructure Investment Bank, or AIIB, for loans worth $200 million, a first for the region.

It was stated at the notice on China's alternative project plan for utilizing loans from Asian Infrastructure Investment Bank during the 2022-24 period, which was jointly released by the National Development and Reform Commission and the Ministry of Finance.

The funds will be used for the company's clean energy supply and energy efficiency improvement construction projects.

These projects are the first in Inner Mongolia to receive loans from the bank. The initiative is expected to lead to the introduction of more foreign capital in Inner Mongolia.

The total investment of the projects is about 2.64 billion yuan ($380 million). They mainly involve a new 26.3 megawatt independent solar power supply system, 18 integrated energy supply stations and a 709-kilometer long-distance digital hydrogen-doped natural gas transmission and distribution project.

The projects are said to be concrete attempts by Western Natural Gas to take the lead in transitioning to a green, clean and low-carbon development.

Moving forwards, plans are for the company to strengthen its supervision and management of project funds and finance and to improve the efficiency of loans used in top projects with high standards.