On May 24, 2023, on behalf of the Ministry of Finance (MOF), Chinese Ambassador to Austria Qi Mei signed a loan agreement with the OPEC Fund for International Development (OPEC Fund) on the project to construct the new campus (Phase II) of the Shijiazhuang Institute of Railway Technology.
The project includes the construction of three comprehensive teaching buildings, two dormitory buildings, one dining hall, logistic and ancillary buildings, as well as outdoor facilities.
The total investment of the project is 508.6 million yuan ($71.56 million), with a loan of $50 million from the OPEC Fund. The loan has a term of 20 years, including a grace period of five years.
Upon completion, the project will help the Shijiazhuang Institute of Railway Technology in expanding its teaching resources, improving teaching quality and meeting the needs for railway talent cultivation.