Commonwealth, Westpac and ANZ were among the leading Asia Pacific project financiers in the six months to June 2004, according to figures from Thomson Financial.Total project finance loans in the region were US$13 billion, twice the volume recorded in the same period last year. "Bustling activity" in Australia resulted in 18 reported deals totalling US$5.7 billion, or 44 percent of the total, and compared well with 15 deals for US$1.9 billion in the first half of 2003.Korea Development Bank was the leading arranger by virtue of a single US$890 million refinancing loan to Incheon International Airport Express.Commonwealth Bank was a close second with eight deals totalling US$888 million including the most notable Australian deal of the period -- the US$1.7 billion facility for Loy Yang Power Projects, where it was one of 27 participants.Westpac was placed fourth, with five deals worth $US671 million, and ANZ was ninth with $US460 million across seven transactions. The power industry was the most active sector, accounting for US5.5 billion of financing, including the Loy Yang deal and a US$848 million loan to TXU Australia Holdings.China was the second most active country with five deals worth US$2.7 billion, "a significant amount considering it did not have any project finance borrowing in the comparable period last year," Thomson said. "Most other markets expanded their activities as well, however, Japan and Indonesia, two of the most active markets in the previous period, saw their borrowings drop from $US1.5 billion each to just $US617 million and $US615 million respectively."