During 1999, we accomplished several important tasks that moved us much closer to achieving these goals. The integration of the physical and human resources of China Investment Bank, which we acquired in late 1998, provided us with means to get closer to our projects, and the manpower to oversee the effective use of financial resources provided to these projects. We have also begun to reconfigure our credit management function to provide for a stronger control and risk management environment, while rationalizing procedures and management structure to speed up the process of approving and funding all projects. And we have called on some of the most respected international advisors to provide us with their views and foresight as to the development and direction of CDB and the challenges that lie ahead.

The development of new products and services to our customers has also been a strategic priority for us. We are focusing our efforts on developing the investment banking area of our business, by assisting borrowers in areas such as equity-raising, financial advisory services, and project feasibi-lity analysis. Through our new on-lending relationship with the World Bank and Asian Development Bank, we can ensure contributions to economic and social development projects here in China are wisely and effectively allocated. And we continue to participate in the government's poverty alleviation program, using a mini-lending strategy to reach those individuals below the national poverty levels. This wider range of services allows us to be of even more assistance to our customers and advance the cause of economic growth.

The benefits of these new initiatives and structural changes are becoming more evident in our financial results. In 1999, we generated record levels of loan commitments and funded more loans than we ever have, resulting in loan disbursements totalled RMB 156.8 billion, with 8% of this amount representing for foreign currency loans and net profit growth of 1.8%. The strength of our creditworthiness and support for our mission in China was underlined this year by our successful $500 million foreign debt issue, which was well received in the international marketplace.
We have accomplished a lot--but there remains much to do. Access to reliable, low-cost funding is an important component in achieving our mission. We are conducting research and evaluating market alternatives, and we intend to leverage our status as a policy bank, with solid government support, to ensure this funding base is secured.

We will continue to focus our lending and investment efforts in the key industry sectors of power and transportation. These sectors represent the most important components of the country's infrastructure, and are critical to the accomplishment of reforms in all other sectors of the economy. Over RMB 137 billion is planned to be spent during the next year in these sectors alone.