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8/18, 6:29 PM (Source: TeleTrader)
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ADB might cut new loans to China starting 2025

President of Asian Development Bank (ADB) Masatsugu Asakawa (pictured) told Nikkei, in an interview, on Thursday, that the bank is currently considering starting discussions on cutting new loans to China, given that the country's economy has seen significant growth in the past few years.

At the moment, the bank's plan is to provide China with $7.5 billion in financing until 2025, less than $9 billion, which was previously given in the period from 2016 to 2020. Asakawa pointed out that ADB will most likely commence with the talks to possibly end new loans to the country after 2025 sometime next year.

In order to receive funding countries are required to meet certain criteria, one of which is a gross national income of $7,455 per person or less, which China has already exceeded. ADB plans to assess the country's eligibility on all the needed criteria.

Baha Breaking News (BBN) / AY