BEIJING - China's Ministry of Finance said Tuesday that it has allocated 6.33 billion yuan ($1.03 billion) for irrigation and water conservation projects.

The fund will be used for the improving projects in major grain-growing regions, central and western regions, old revolutionary bases, ethnic minority areas, border areas and poverty-stricken areas, the ministry said.

Around 80 percent of the money will be for new irrigation and water conservation projects, while the remainder will go on maintenance.

The fund comes from revenues from land sales around the country.