According to the bank document, Yinchuan Municipality (the capital city of Ningxia Hui Autonomous Region) is taking actions under the green development initiative to improve the public bus transport system. With a growing focus on enhancement of living quality of local residents, more bus lines have been put in place to reach the suburban areas and villages of Yinchuan. Given the fact that Yinchuan has a big surplus of electricity supply while a shortage in natural gas supply, the Project takes advantage of Yinchuan's power structure and provides a timely solution to reduce emissions, save energy, and enhance the quality of lives.
The Project aims to develop a green bus system and improve public transport services in Yinchuan Municipality by replacing all existing natural gas-fueled buses with electric buses, which reduce emissions and save energy. Components of the Project include
(i) procurement of electric buses and associated equipment;
(ii) construction of bus lane and depots;
(iii) development of intelligent transport management system; and
(iv) project management and capacity building.
A Sovereign Project Loan will be provided by NDB to the People's Republic of China for on-lending to the People's Government of Yinchuan Municipality through the People's Government of Ningxia Hui Autonomous Region.
The Project is to be implemented over three years. People's Government of Yinchuan Municipality will be the Project Implementation Agency. Procurement will be conducted in compliance with the national law and regulations, and meet the core principles of NDB's policy.
The total cost of the Project is estimated to be RMB 2.86 billion. NDB will finance RMB 2.1 billion or 73% of the total cost. The remaining balance will be financed by counterpart funds from Yinchuan Municipal Government
New Development Bank RMB 2100 million (US$ 293.77 million)
Yinchuan Municipal Government RMB 760 million (US$ 106.32 million)
*There is no further information being disclosed at this stage of the project*
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