AIIB approves half billion USD for its first four projects

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Beijing—Asian Infrastructure Investment Bank or AIIB has approved a 100 million US dollars loan for Pakistan. The banks Board of Directors Friday approved its first 4 loans to tiling 509 million US dollars to finance 4 projects including one in Pakistan. Three of the 4 projects are co-financing operations with multilateral development bank (MDB) partners, said the global lender in a website post on Friday. The three other approved loans are a 216.5 million U.S. dollars loan for Indonesia, 165 million U.S. dollars in loans for a Bangladesh project – the first batch of loan for the country from the China-led development bank and a 27.5 million loan for Tajikistan.
AIIBs President Jin Liqun noted, I am delighted to announce that AIIBs Board of Directors has today just six months after the Banks inauguration approved the first group of loans. These projects, which span the energy, urban development and transport sectors, will help to bridge the regions critical infrastructure financing gap and strengthen regional connectivity. We are very pleased that three of these projects are joint co-financing operations with our development partners, ADB, EBRD and the World Bank. This has been an outstanding and tangible demonstration of multilateral cooperation that has expanded the pool of financing available to our joint member countries. We are working on a number of additional projects and look forward to bringing them to our Board for its approval later this year.
The Bank, which supports infrastructure development and regional connectivity in Asia, is targeting lending of approximately 1.2 billion U.S. dollars in 2016. The approved loans are: 216.5 million U.S. dollars loan for a National Slum Upgrading Project in Indonesia, expected to be co-financed with the World Bank; 100 million U.S. dollars loan to finance the Shorkot-Khanewal Section of National Motorway M-4 in Pakistan, co-financed with the Asian Development Bank (ADB) and the United Kingdoms Department for International Development (DFID); and 27.5 million U.S. dollars loan for the Dushanbe-Uzbekistan Border Road Improvement Project in Tajikistan, co-financed with the European Bank for Reconstruction and Development (EBRD); a165 million U.S. dollars loan for a Power Distribution System Upgrade and Expansion Project in Bangladesh.—Agencies

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