Three Gorges Dam

Three Gorges Dam, China Development Bank will lend more than $ 11 billion in China Three Gorges Corp., the project developer in the world’s largest dam, the official Xinhua news agency reported Wednesday. Credit lines that come from 50 billion yuan (7.5 billion) and $ 4 billio’n over the next five years will be used by the Three Gorges to develop other hydropower projects to build wind farms and undertake energy projects in markets overseas, Xinhua said.

China Development Bank [CHDB.UL] was a major financial contributor to the controversial Three Gorges Dam on the Yangtze River in the south. The Bank has granted 47.8 billion yuan of loans from the League of Three Gorges and its partners to date. The agreement was announced one day after the Three Gorges Dam has reached full capacity with water level rises to 175 meters. The hydroelectric project began producing power in 2008. [ID: nPEK259449] Three Gorges Dam.

The Chinese media reported earlier this year that the mass of floating debris from the dam threatened to block the locks. China Three Gorges Corp, holding company of the Yangtze Electric Power Co. (600900.SS) said on its website that had 281 billion yuan in total assets by the end of 2009. (Reporting by Simon Rabinovitch and Zhou Xin, editing by David Holmes) ($ 1 = 6.662 Yuan) Three Gorges Dam.