The Asian Development Bank signed a US$75 million loan with Everbright Financial Leasing aiming to increase the number of buses fueled by LNG, CNG as well as electric and hybrid buses on China’s streets.
After Far East Horizon and Industrial Bank Financial Leasing, EFL is the third and final leasing company to receive funding under the $275 million Clean Bus Leasing program approved by ADB’s board in 2013.
The project aims to put 5,000 clean buses on the roads by 2018, helping PRC avoid 1.31 million tons per year in greenhouse gas emissions, ADB said in a statement.
The agreement was signed by Michael Barrow, director general of ADB’s private sector operations department, and Jingbin Shi, EFL’s vice president.
The program is ADB’s first nonsovereign loan program to support sustainable transport in China.