According to the National Development and Reform Commission, the country’s top planning body, the investment will be primarily used to rebuild roads, bridges, levees, schools, and hospitals damaged by flooding.
The fund will also be used to restore essential services affected by the heavy rains that have hit the province since July 25.
The National Committee for Disaster Prevention and Mitigation activated a level four emergency response for Hebei, following severe flooding in several towns in the region, including Chengde, Baoding, and Zhangjiakou.
According to official reports, in Fuping County, Hebei, 540 millimeters of rain fell between Friday and Saturday, a record amount that caused flooding in five villages and forced the evacuation of more than 4,600 people.
Nearby, in Yixian County, 182 villages were flooded, displacing more than 1,600 residents. Likewise, in Miyun District, Beijing, torrential rains caused flash floods and landslides.
Local press reported other damage from these storms in the provinces of Gansu, Shaanxi, and Inner Mongolia. According to experts, although more rain is forecast in the coming days, its intensity is expected to decrease.
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