China is using a total of $1.5 billion in overseas preferential loans to rebuild its quake hit areas, according to the National Development and Reform Commission, China's top economic planning body.

These contingency funds will be used in Sichuan, Gansu and Shaanxi provinces for the reconstruction of urban buildings, education and healthcare facilities, roads, reservoirs under risk and rural power supply systems which have been affected by the devastating earthquake on May 12, 2008.

Of the $1.5 billion, $710 million is from the World Bank, $400 million from the Asian Development Bank, $160 million from European Investment Bank, $30 million from the International Fund for Agricultural Development and $200 million from the Agency of France Development.

(Chinadaily.com.cn December 24, 2008)