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After the China Development Bank announced in January that it would offer at least 80 billion yuan in credit for building smart cities over the next three years, two other commercial banks promised at least the same amount of credit for such projects, according to information released at a MOHURD seminar held on Wednesday.
Other institutional investors also signed an agreement in early April to extend another 200 billion yuan in credit for building smart cities, the ministry said.
The names of the institutions or the banks are not yet revealed.
China has promoted the concept of smart cities, including the application of information technology in urban management and the construction of low-carbon architecture, amid the country’s renewed urbanisation drive.
The government has set up 90 smart city demonstration areas and more applications are under review, the MOHURD said.
Investment in smart city projects might exceed 1 trillion yuan ($159 billion) by 2015, smart city specialist Jiang Defeng said.