China March New Bank Loans Rise to 3.64 trln yuan, Beating Expectations

People walk past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo
People walk past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo
TT

China March New Bank Loans Rise to 3.64 trln yuan, Beating Expectations

People walk past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo
People walk past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo

Chinese banks extended 3.64 trillion yuan ($500 billion) in new yuan loans in March, up from February and outpacing analysts' forecasts, according to Reuters calculations based on data released by the People's Bank of China.

Analysts polled by Reuters had forecast new yuan loans would rise to 3 trillion yuan last month from 1.01 trillion yuan in February, which had been lower than expected.

The central bank does not provide monthly breakdowns. Reuters calculated the March figures based on the bank's January-March data released on Sunday, compared with the January-February figure.



Moroccan Utility ONEE Granted $340 Million in Loans for Energy Transition

File photo of a police officer standing near a Moroccan national flag near the main stadium during preparations for the FIFA Club World Cup in Agadir, December 10, 2013. REUTERS/Amr Abdallah Dalsh
File photo of a police officer standing near a Moroccan national flag near the main stadium during preparations for the FIFA Club World Cup in Agadir, December 10, 2013. REUTERS/Amr Abdallah Dalsh
TT

Moroccan Utility ONEE Granted $340 Million in Loans for Energy Transition

File photo of a police officer standing near a Moroccan national flag near the main stadium during preparations for the FIFA Club World Cup in Agadir, December 10, 2013. REUTERS/Amr Abdallah Dalsh
File photo of a police officer standing near a Moroccan national flag near the main stadium during preparations for the FIFA Club World Cup in Agadir, December 10, 2013. REUTERS/Amr Abdallah Dalsh

Moroccan water and power utility ONEE said it has been granted 300 million euros ($340 million) in loans from the European Investment Bank (EIB) and German state lender KfW to support integration of renewable energy into the national grid.

The financing package comprises 170 million euros from the EIB and 130 million euros from KfW, the utility said on Friday, adding that the money will be used to expand its electricity transmission network by 730km.

ONEE plans to invest $19 billion in its electricity development plan through 2030, the year Morocco will co-host the World Cup soccer tournament, together with Spain and Portugal.

The plan aims to increase installed renewable energy capacity to 56% of the country's total electricity capacity by 2027, three years ahead of the 2030 target, according to Reuters.

Currently, installed renewable energy capacity stands at 45%, or 5.5GW.

ONEE said it will add 15GW of installed electricity capacity, including 12GW from renewable sources by 2030.

Last week ONEE signed a deal with the United Arab Emirates' TAQA to build a 1,400 km high-voltage transmission line with a capacity of 3,000 megawatts linking Western Sahara’s renewable energy sites to central Morocco.

Coal still accounts for more than 70% of Morocco's energy production.

Seeking to diversify its coal-dependent energy sector, Morocco began in April a tendering process to build a liquefied natural gas terminal in the Mediterranean port of Nador.