The Asian Infrastructure Investment Bank followed up on a promise to move quickly in approving its first infrastructure projects, announcing the initial tranche during its inaugural annual meeting in Beijing, China, this weekend.
The first four projects are worth $509 million, and three are co-financing agreements with other development banks including the World Bank, the Asian Development Bank, and the European Bank for Reconstruction and Development. A $165 million power supply project in Bangladesh will be the AIIB’s first standalone project.
“The bank is off to a very strong start,” AIIB President Jin Liqun said in his report to the bank’s board of governors during the annual meeting. “In just six months, we have together put the fundamentals of a large, modern multilateral financial institution in place, and have made significant progress.”
About the author
Lean Alfred Santos@DevexLeanAS
Lean Alfred Santos is a former Devex development reporter focusing on the development community in Asia-Pacific, including major players such as the Asian Development Bank and the Asian Infrastructure Investment Bank. He previously covered Philippine and international business and economic news, sports and politics.
