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The new loans include $125 million for a dam project in Indone
The new loans include $125 million for a dam project in Indonein Fun & Off-Topic 20.05.2019 04:46
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People walk past the headquarters of the newly opened AIIB in Beijing File photo: CFP
The Asian Infrastructure Investment Bank (AIIB) said Tuesday it has approved $285 million in loans to finance infrastructure in Indonesia and Bangladesh.
The new loans increased the multilateral development bank's total lending to over $2 billion, according to a press release sent by the AIIB to the Global Times Tuesday.
The new loans include $125 million for a dam project in Indonesia and $100 million for the Indonesian Regional Infrastructure Development Fund. Both projects are co-financed by the World Bank.
Another $60 million loan was granted to improve a gas transmission network in Bangladesh, co-financed by the Asian Development Bank (ADB).
The loans are "different in their focus, but united in their effort to provide infrastructure spending to stimulate growth and improve the lives of local communities," said DJ Pandian, AIIB vice president and chief investment officer.
Established in 2015, the bank welcomed 13 new members last week, bringing its total membership to 70.
Though not specifically set up to assist the China-proposed Belt and Road (B&R) initiative, experts said the new loans will boost socio-economic development in Asia, which falls in the same direction as the initiative, put forward by Chinese President Xi Jinping in 2013 to enhance connectivity, trade and investment among Asian, European and African countries.
Belt and Road progress
The ADB said Asia needs to invest $26 trillion by 2030 to resolve its infrastructure shortage in transportation, power and sanitation that could potentially hold back the growth of some of the wor. cheap shoes cheap nike shoes online cheap shoes online Cheap Authentic Jerseys Cheap Jerseys From China Cheap NHL Jerseys Online Cheap Baseball Jerseys Online Cheap NFL Football Jerseys Cheap NFL Football Jerseys Wholesale College Baseball Jerseys