Sino-French Water Development, a 50-50 joint venture with NWS Holdings and Suez of France, the world's No1 water firm, has invited four banks to help arrange a seven-year syndication loan for up to 1.4 billion HK dollars (179.49 million US dollars). The proceeds will be used to refinance debt and to acquire new water projects in the Mainland. Bank of China (Hong Kong), BNP Paribas, Calyon Corporate and Investment Bank, and ICEA Capital/Industrial and Commercial Bank have been invited to arrange the deal, said the paper. NWS, the infrastructure and service flagship of New World Development, already has a portfolio of 18 water projects through the joint venture with its French partner. Last year, NWS said it was pursuing at least six projects in its latest push into the Mainland's deregulated water sector. China's water supply business has started to attract strong interest from foreign investors because of water shortages in many areas. However, deregulation has led to stiff competition for water supply franchises.