Follow us on:   

AIIB announces special fund, approves $509 mn for first projects
June 25, 2016, 4:46 am

Indian Finance Minister New Delhi is looking to the AIIB as a possible source of financing for infrastructure projects [Xinhua]

Indian Finance Minister Arun Jaitley has said New Delhi is looking to the AIIB as a possible source of financing for infrastructure projects [Xinhua]

China-backed Asian Infrastructure Investment Bank (AIIB) has approved a special fund to support members for project preparations, AIIB president Jin Liqun said on Saturday.

China will make a contribution of $50 million to the fund, Jin told a news conference.

The multilateral investment bank, which has authorised capital of $100 billion, plans to join global clean-energy initiatives and fund eco-friendly investment projects.

AIIB plans to invest $1.2 billion this year.

The AIIB will receive applications for new numbers before the end of September, Jin said. He had announced earlier this year that the bank has a good pipeline of co-financing projects and stand-alone projects.

Earlier on Friday, the board of the new lender had approved $509 million in investments for its first four projects in the central and south Asian countries of Bangladesh, Indonesia, Pakistan and Tajikistan.

Indian Finance Minister Arun Jaitley is attending the first annual meeting of the board of governors in Beijing on Saturday. Jaitley has said New Delhi is looking to the AIIB as a possible source of financing for infrastructure projects.

 

Source: Agencies

Leave a Reply

Your email address will not be published. Required fields are marked *

Anti-Spam * Time limit is exhausted. Please reload the CAPTCHA.