BEIJING — Beijing Enterprises Water Group signed a $240 million loan agreement this week with the Asian Development Bank and Beijing Enterprises Water Group, according to an article by 4-traders.

The 10-year loan will help the company boost its wastewater treatment capacity in the face of China's water shortage problems, the article reported.

According to the article, the company plans to treat an additional 600 million tons of wastewater annually by 2019 by upgrading wastewater treatment plants and recycling wastewater.

The Asian Development Bank reported that more than 400 cities report water shortages in China, with an average daily shortfall of 16 million cubic meters, noted the article.

Read the full article here.