CHINA
Japan to Extend $975-Million Loan: Japan is loaning China $975 million for 22 projects. The Xinhua news agency said Japan is extending the loan as part of the third installment of $6 billion in credit it pledged in 1988 for a five-year period from fiscal 1990. Japan had frozen the credit after the bloody crackdown on pro-democracy protesters in Beijing in June, 1989. The freeze was lifted in November, 1990, and $902 million of the credit was extended shortly afterward. The loan, provided by the Overseas Economic Cooperation Fund of Japan, will fund 11 new Chinese projects and 11 old ones that need further construction, the news agency said.
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