OREANDA-NEWS. June 05, 2013. China Development Bank (CDB) granted 30 million yuan in emergency loans to Fogang County of Qingyuan City in Guangdong to offer full support for local flood relief work.

Since mid-May, a number of locations in Guangdong have been hit by heavy rain, with serious damages in Shaoguan, Qingyuan, Meizhou and other areas. Fogang County in Qingyuan suffered unprecedentedly strong floods and sustained especially serious damages. Flooding has seen over 10 people dead or missing, affected close to 100,000 people, and caused the collapse of over 2,000 houses. The county's direct economic losses exceeded 1.1 billion yuan.

Following the disaster, CDB's Guangdong Branch immediately got in contact with the governments in Qingyuan, Shaoguan, Meizhou and other affected areas to learn about damages and financing needs. Upon receiving an application from the Fogang County Government for 30 million yuan in emergency disaster relief loans, CDB Guangdong immediately launched an emergency plan, opened up a green channel for emergency lending, and completed credit review and loan approval and disbursement within a short period of time, meeting local disaster relief funding requirements to the maximum extent possible.