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Water and wastewater utilities won’t be getting any more free money, however – the new package has been directed largely at transport projects. Instead, those wanting to finance water projects will have to wait for details of the new National Infrastructure Bank that the president is backing. The American Water Works Association put out a press release to express its concern that water projects might not be eligible for finance from the new bank. * China’s economic stimulus has brought about some interesting unintended consequences. Until the stimulus was announced in 2009, municipalities relied on project finance companies known as Chengtous to raise capital for projects. These bodies have raised RMB 7.66 trillion ($1.12 trillion), but they are now discovering the municipalities don’t need the funds because they can get the money via central government grants. 23% of the capital they have raised is now regarded as “high risk”. This is going to have significant implications for the future of project finance in China.