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The Asian Development Bank (ADB) will inject funds into private sector in northeast China to boost the economy in the country's rust belt, said an official with the ADB.

 

"ADB will strengthen financing for private sector firms that have the potential to develop but lack funds," said Wang Yuanyuan, head of the Private Sector Development and Finance Service of the ADB China Resident Mission.

 

According to Wang, the ADB Private Sector Development and Finance Service provides services in two key fields in China -- infrastructure projects including electricity power, energy, resources, roads and ports on the one hand, and assistance to financial institutions on the other.

 

Wang said that the ADB will continue to support the development of private enterprises and state-owned enterprises in China.

 

The Private Sector Development and Finance Service of ADB China was launched in 2006. It has invested in 18 privately-operated projects, involving a business turnover of US$770 million.

 

(Xinhua News Agency January 10, 2007)