The FINANCIAL -- WASHINGTON, DC May 10, 2011 – Today the World Bank ’s Board of Executive Directors has approved two loans to the People’s Republic of China to help improve mobility and quality of life for the people living in Kunming and part of Sichuan through construction of an urban rail line and provision of road, water and sewerage infrastructure in a number of small towns. The Kunming Urban Rail Project, funded by a US$300 million loan from the World Bank , will support the construction of the 19.5 km Line 3.
“Though Chinese cities have a lot of experience in successfully building urban rail, we hope this project, the first urban rail project the World Bank is supporting in China, can provide a demonstration of an integrated public transport system,” said Shomik Raj Mendiratta, World Bank Lead Urban Transport Specialist and task team leader for the project.
CLICK HERE: "World Bank Supports Urban Rail Development in China"
During his State of the Union address in January, President Obama renewed the call to improve the nation's "crumbling" infrastructure, create jobs and help the nation compete in the global economy.
The U.S. "infrastructure used to be the best, but our lead has slipped," Obama argued, adding, "Countries in Europe and Russia invest more in their roads and railways than we do. China is building faster trains and newer airports."
After his speech, many right-leaning government officials, including Rep. Paul Ryan, R-Wisconsin, complained that White House spending proposals will cost Americans too much.
This argument wanes when compared to countries like China and South Korea that are leading the wave in railway and internet technology and development.