Spain to loan China 460 mln USD

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BEIJING, Oct 23, 2008 (Xinhua via COMTEX News Network) -- Spain signed an agreement with China on Thursday to lend up to 360 million euros (460.5 million U.S. dollars) to China between 2008 and 2010.

Of the total, 20 million euros will be used to help the reconstruction in Sichuan after the 8.0-magnitude earthquake hit the region on May 12, according to an inter-government fiscal cooperation agreement signed by the Minister of Finance Xie Xuren and the Spanish Minister of Industry, Tourism and Commerce Miguel Sebastian Gascon here on Thursday.

The 20 million euro unconditional loan to Sichuan would mainly be used for environment projects, urban infrastructure construction, energy-saving and emission reduction, the Ministry of Finance said on its website.

The money will also be used to improve sewage treatment and transport facilities in the area.

The ministry didn't provide details about how the rest of the money would be spent.

Spain has extended loans to China since 1985, providing a total of 3.92 billion U.S. dollars through June.

The ministry said about 3.74 billion U.S. dollars had been used for 276 programs.