Asia Development Bank to lend US$24 million loan to China's logistics project

ASIA Development Bank (ADB) has announced that it will offer to lend US$24 million to a large cold chain logistics project of Tianjin port, its first loan to a Chinese logistics project, according to Xinhua.

The project cost CNY600 million (US$96.08 million) to build, and will occupy 77,000 square metres, including a cold storage warehouse, freight stations and stack yards, offering air, sea, land freight forwarding services to perishable goods. The facility is expected to handle up to 700,000 tonnes of cargo after being completed in 2014.

ADB Pacific department director Robert Wihtol said the loan would accelerate the building of port infrastructures and develop a food safety management system, as well as enhance inspection and customs clearance efficiency, reducing costs and providing convenience to shippers.