China to invest $3.1 billion to divert water

China will invest 21.3 billion yuan (Dh11bn or $3.1bn) this year on its project to divert water from the south of the country to the arid north, the Xinhua news agency reported yesterday.

The central government will contribute CNY6.5bn, CNY2bn will come from the project's own fund and CNY12.8bn will be provided through bank loans, the report said, citing the South-North Water Diversion Project office.

The project, which involves building three canals, is a system of waterways aimed at alleviating water shortages in northern China by diverting water from the Yangtze River region.

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