MANILA (AFP) — The Asian Development Bank said Wednesday it has set up a joint venture firm with three Singapore partners to help tackle China's huge wastewater problem.
Manila-based ADB said it put in four million dollars for a 40 percent stake in the new company, Asia Infrastructure Project Development Co. that will help local governments develop projects in water supply, sanitation and wastewater treatment.
United Engineers Singapore Pte Ltd., Konzen Environment Pte. Ltd. and Crest Spring Pte. Ltd. are also involved in the company, which will provide feasibility assessments, planning and design services.
Only 40 percent of the urban wastewater of the world's most populous nation is treated, while the rest is discharged into rivers, lakes and seas, ADB said in a statement.
Beijing's current five-year plan calls for a 70 percent wastewater treatment coverage by 2010, requiring about 140 billion dollars in new public and private sector investments.
ADB has separately provided more than 20 loans totalling 2.5 billion dollars to China to finance urban wastewater, sewage treatment, water supply, and water resource management projects, the bank said.
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