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Since 1993, one of the largest Chinese development projects to attract
international attention has been the development of the Three Gorges
Dam. The Yangtze River, one of the longest in the world, has been
the subject of increased attention in China over the past decade.
The Chinese government has spent years developing plans to harness
the energy of the river, as well as control the massive flooding that
has claimed over 300,000 lives in this century alone.
 This
project, one of the largest and most ambitious developmental underta-kings
ever considered globally, will carry over 18,000 megawatts of electricity,
equivalent to the output of 18 nuclear power plants, when completed.
It will also improve 650 kilometers of river transportation routes,
aiding in the delivery of many of the goods produced and grown in
Central China, which will have a significant positive impact on
the local economies.
The project is being conducted in three phases - Phase I, which
addressed the harnessing and rerouting of the river's course near
the dam site, has been completed on schedule. Phase II, involving
the dam construction and the installation of the first dynamo to
begin generating electricity, is currently underway. Phase Άσ will
start from 2003. Full project completion is expected around 2009.
Project costs, when finished, are expected to be $24.6 billion,
which includes $4.8 billion that the government plans to inject
to cover the relocation of approximately 1.9 million people who
live in the affected areas, along with many ancient artifacts and
temples that reside in the affected regions.
This project is a significant one in the development of the Central
and South Central China, and a strategic project for sustainable economic
development in the region. CDB has played a major role in making this
plan a reality, contributing to this project through several channels.
The Bank has committed RMB 30 billion in loans to the project, RMB
17.9 billion of which has already been funded. CDB has also assisted
in raising and on-lending overseas export loans of approximately $1.1
billion for dredging and construction machinery and equipment.
The Three Gorges Dam represents a historic undertaking that will benefit
current and future generations for years to come, and will contribute
greatly to the national economic development.
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