China allocates $96mn for Sino-Russian Amur Rail Bridge
The Heilongjiang branch of the Export-Import Bank of China has allocated over $96.5 million to construct the Chinese section of the Sino-Russian railway bridge. The first railway bridge over the Amur River should cut transportation times and boost trade.
“The Exim Bank has conducted an inspection of the construction site, determined the demand for financing and issued a loan of 400 million yuan for the project and a loan of 200 million yuan to the contractor of the fourth engineering company of China Railway,” the Applied Economics Association of the Heilongjiang province told Interfax on Tuesday.
The 2,215-meter bridge will link the city of Tongjiang in Heilongjiang Province with Nizhneleninskoye in Russia’s Jewish Autonomous Region.
A project of the Russian-Chinese Investment Fund, it will be able to handle 21 million tons of cargo traffic annually. China has already invested about $153.7 million in the project with its total investment expected to be $425 million. The new route will reduce the distance to customers by about 700 kilometers compared to other rail routes.
Russia and China have agreed to build the first cross-border rail
bridge over the Amur River by 2016. The two countries are
expected to boost their bilateral trade to $100 billion in 2015.
During his visit to Shanghai last year Russian President Vladimir Putin said Heilongjiang province accounts for about a quarter of China’s total trade with Russia. Trade between the Chinese province and Russia exceeded $23 billion last year. Heilongjiang is planning to invest $1 billion in Russia by the end of 2015, and $2 billion by 2020.