The city of Sansha in China's Hainan province – which is tasked with administration over Xisha, Zhongsha and Nansha Islands in the South China Sea – has officially been given a loan for 100 million RMB for basic infrastructure improvements in the city.
The loan, the first of its kind granted to Sansha, was signed on Nov. 21 by the city government and China Development Bank. The loan term is three years, Thepaper.cn reported.
According to Ah Dong, Sansha's deputy city Party chief, the signing of the contract marks great progress for the city, which hopes to develop its investment and financing platform. The loan also lays the foundation for future financing cooperation on a larger scale.
The signing ceremony was held on Yongxing Island in the Xisha Islands, where the city government is headquartered.
Established in July 2012, Sansha is the youngest and southernmost city in China.
Regional infrastructure has significantly improved since the city's establishment, including transportation, medical and communication facilities. Two airfields on the island and Yongshu Reef will improve air transportation over the South China Sea, and will also facilitate improved weather assessments, aeronautics research, communication, navigation and surveillance. The city now provides waste water treatment facilities and marine environmental monitoring stations, according to the Global Times.
