AIIB passes US$509m for first 4 projects
Print Edition
THE board of Asia Infrastructure Investment Bank yesterday approved US$509 million for its first four projects.
Three of the four projects are co-financed with the World Bank, the Asian Development Bank, the UK Department for International Development and the European Bank for Reconstruction and Development.
The projects, announced previously, are power grid upgrades in Bangladesh, slum renovation in Indonesia and highway construction in Pakistan and Tajikistan.
“We are working on a number of additional projects and look forward to bringing them to our board for its approval later this year,” said AIIB President Jin Liqun.
AIIB was proposed by Chinese President Xi Jinping two years ago and began operations in January. It has 57 founding member countries and US$100 billion in committed capital. AIIB plans to invest US$1.2 billion this year.
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