AIIB, Georgia Sign Loan Agreement for Batumi Bypass Road Project

Jeju, Republic of Korea, June 19, 2017

Jin Liqun, President of the Asian Infrastructure Investment Bank (AIIB) and Dimitry Kumsishvili, First Vice Prime Minister and Minister of Finance of Republic of Georgia, signed a loan agreement during the second annual meeting of Board of Governors for a US$114 million loan for the construction of approximately 14.3 kilometer modern highway bypassing Batumi port city on the Black Sea coast.

Source: AIIB

Opening Address Meeting of the AIIB Board of Governors President Jin Liqun

Your Excellencies, the President of the Republic of Korea; the Deputy Prime Minister and Minister for Strategy and Finance; Distinguished Governors and Members of the Board of Directors; Honored Guests; Ladies and Gentlemen.

It is a great privilege and an honor for me to welcome you to the second Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank.

On behalf of all of us at the Bank, I extend our deepest appreciation to the Republic of Korea, the Jeju Provincial Authorities, and the Korean people for your gracious hospitality and the superb arrangements for this meeting –the first AIIB Governors’ Meeting being held outside China. We are indeed delighted that the meeting is being held on this beautiful and scenic island. Please accept our heartfelt thanks.

Asia is at a critical juncture. Its role on the world stage is increasing, thanks in large part to its growing economy, demographic changes, technological innovations and, more importantly, enhancements in corporate and state governance. But despite these impressive achievements, the region now faces new and complex challenges. In particular, rapid urbanization, a massive infrastructure gap, the impact of climate change and environmental degradation are very tough problems to solve.

These challenges cannot be addressed with any degree of success by any one institution single-handedly – be it governmental, social or corporate.

AIIB vows to help tackle these challenges. Our approach is to support economic and social development by investing in infrastructure and other productive sectors. We will not, and cannot, change the course of the planet alone, but we will step up, alongside our members and partners, to do our part to build a sustainable tomorrow.

The global importance of a robust and dynamic Asian economy is evident. It is mission critical that the Bank contributes to sustaining growth in the region. But now, more than ever, it is crucial to promote shared benefits. Not just for Asia, but for the entire world. The question then is, how can these benefits be realized and shared in concrete and tangible forms?

Our shareholders envisage a future of commom prosperity across Asia and beyond. A vision that focuses on economic growth and environmental sustainability. Through international cooperation and partnerships, AIIB is working with its clients and stakeholders to put this vision into reality. We are not building a future just for ourselves, but more importantly as a legacy for our children and future generations. I am proud to say that the commitment and buy-in for this vision is deep and growing.

Since we last met just one year ago, the Bank’s approved membership has expanded from 57 to 77. Subject to the Board of Governor’s decision later today, the Bank’s approved membership will reach 80. The Bank is truly global, having members from every continent. Broad support from both our regional and non-regional membership manifests a firm confidence in AIIB. This is the acknowledgement of the Bank’s adherence to the values and principles of openness, transparency and accountability. This is also recognition of our delivery of our commitments as executed over the last 18 months.

We are encouraged by such confidence and trust. And we warmly welcome you, delegations of our 20 new approved members, to this Annual Meeting. We look forward to working with all of you on win-win approaches to improving the livelihoods of your people in the years and decades to come.

Over this past year, the Senior Management Team has been reaching out to the media, NGOs, CSOs, and other stakeholders for meaningful dialogue and information-sharing about the Bank. We have tried our best to get our messages across to the world, so the Bank’s mission will be better understood. As an open and transparent organization, the Bank is duty bound to provide clear, accurate and timely information to the public. But much still remains to be done in our public communications, and we will continue to improve. Ultimately, AIIB can only be deeply appreciated by what it does on the ground. We can only be convincing by being transparent and willing to listen. And by being an effective and efficient organization that is driving tangible and positive outcomes for our clients.

In most of Asia, infrastructure is now all the rage. The importance of quality investment in infrastructure and regional connectivity cannot be overstated. Much too often, it is not just a question of the quality of individual projects in and of itself. What matters is the overall impact of infrastructure development. What is most crucial is to make sure that all the infrastructure projects are coordinated, balanced, and integrated in a way so that maximum benefits can be garnered. An airport or sea port should not wait for the construction of roads or railways connecting it to be completed. A power plant should not wait for the transmission or distribution system to be finished. That is why we in AIIB place emphasis on a sound strategy for resource allocation in the context of national and regional connectivity and development.

Connectivity drives economic and social development. This concept lies at the center of our engagement with our members. We are supporting our members to build and improve their roadways, rails, and ports; expand water supply and enhance wastewater management; promote clean and efficient energy generation, transmission and distribution; improve access to telecoms, and develop sustainable cities.

This is also the reason why we attach great importance to working with our members to ensure that our investments in infrastructure can achieve maximum results in promoting growth, productivity, and in helping our members meet their Nationally Determined Contributions under the Paris Agreement.

Ours is an MDB whose members from across the world are all signatories to the Paris Agreement. The Bank has an important role to play as a facilitator and supporter of the Paris Agreement, and we thus place great emphasis on helping our members transition towards a low-carbon future.

Furthermore, there are no coal projects in our pipeline, and we will not consider any proposals if we are concerned about their environmental and reputational impact.

We care about those who might otherwise be left behind without our support, hence our rigrous implementation of the safegurds. We care about poor people’s access to urban infrastructure, hence the slum upgrading in Indonesia. We are serious about addressing global warming, hence the rehabilitation and upgrading of the hydropower station in Pakistan.

Please allow me to elaborate a bit on the power transmission project in Bangladesh. This is a project prepared by our own staff in the very early stage of the Bank’s operation. The project will help bring affordable and reliable electricity to over 12 million rural people while realizing energy saving equivalent to an annual reduction of CO2 of 16,400 tons. This project demonstrates AIIB’s commitment to development, to helping the world’s underprivileged, and to the environment.

Such investments and critical connectivity links for our members will benefit not only the communities where the projects are located, but they will also have far-reaching and positive impacts on economies across the globe. Connectivity in infrastructure means connectivity with prosperity, and disconnectivity from poverty.

Distinguished Governors, in January 2016, at the Bank’s inauguration, I made a pledge to you that we would ensure that this institution operates as a ‘lean, clean and green’ organization. Eighteen months on, I can report to you that the management and the staff have been translating these principles and aspirations into reality, step by step, by ingraining them in the Bank’s corporate culture and organizational modus operandi.

We are lean – we operate as an agile and responsive institution, with a focused management team, clearly defined mandate and accountability, and a core of talented, highly experienced, and dedicated staff.

We are clean — good governance is crucial to our credibility and the key to success. No compromise is allowed in this regard. We hold ourselves fully accountable for the Bank’s management, and adhere to full compliance with the Bank’s rigorous governance standards and principles. We operate transparently and have zero tolerance for corruption.

And we are green — we are committed to the principles of sustainable development in the conceptualization, design, and implementation of our investments, and are actively working to facilitate our clients’ transition to a less carbon-intensive energy mix as they develop and improve their infrastructure and increase energy access. We are also committed to supporting our members in meeting their goals and commitments under key global initiatives.

In an increasingly globalized world, partnerships and cooperation are vital. AIIB is the newest member of the family of multilateral financial institutions and development banks. We are working with our sister MDBs. As the traditional Chinese saying goes, when we all chip in and add wood to the bonfire, the flames will go much higher.

The generous support from this community has greatly facilitated the Bank’s development, and we are very appreciative of this strong collegial support. Since the Bank’s inauguration, we have enjoyed close partnership with our MDB partners – we have co-financed operations with a number of MDBs and are working, collaboratively, with them and others to support global initiatives and platforms such as the Paris Agreement and Sustainable Energy for All. Such cooperation has brought forth benefits to us all — MDB partners and our clients. We look forward to further deepening such collaboration in the coming years. Through our concerted efforts, we will jointly make a remarkable difference in the economic and social landscape of our members.

Looking forward,

We will continue to strengthen our institutional foundation. We are dedicated to building up our capacity and strength, and will try our best to be a well managed organization. We are quickly moving upwards on the learning curve. We are striving to ensure that this Bank, a 21st century development institution, achieves results by doing things differently, responsibly, and effectively. The Bank will operate true to the values and principles that are encoded in its Articles of Agreement. We will realize our grand vision of a future of shared benefits across Asia and beyond. We have every reason to be optimistic about our ability to accomplish what we have set as our goals. Let us work together in the years and decades to come.

Honorable Governors, let me once again convey our profound gratitude for your continuous guidance and wise counsel, and for the exemplary support of our Board of Directors. This has laid the foundation for a modern, innovative and trustworthy institution. Your continued, unwavering support will underpin our overall success.

We salute and thank you.

Source: AIIB

AIIB Supports Members to Meet Their Commitments Under the Paris Agreement

Sustainable Energy for Asia Strategy to improve access to energy for millions of people in Asia

The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) yesterday expressed its support for the Bank’s Sustainable Energy for Asia Strategy to help its members transition toward a low-carbon future. The strategy sets out a clear framework for the Bank to invest in energy projects that will increase access to clean, safe and reliable electricity for millions of people in Asia. To implement the strategy, the Bank will support its members to do their part as expressed in the Paris Agreement to, “hold the increase in the global average temperature to well below 2 degrees Celsius above pre industrial levels and pursue efforts to limit the temperature increase to 1.5 degrees Celsius”. It will achieve this by aligning its support with its members’ national energy investment plans, including their nationally determined contributions (NDC) under the Paris Agreement.

Currently over one billion people across Asia do not have access to secure and clean electricity to run their homes and businesses. By improving the reliability, reach and efficiency of energy in the region, millions of people will benefit from a higher standard of living and better health.

“Helping to build a sustainable future by reducing reliance on high-emission power supports our mission and green core value,” said Joachim von Amsberg, Vice President of Policy and Strategy at AIIB. “We believe this strategy will contribute to government and private sector efforts to provide millions of people in Asia with access to affordable and reliable energy for the first time.”

To implement the strategy in an environmentally and socially sound manner, the Bank will prioritize investments in:

  • Renewable energy projects, such as wind, solar and hydropower.
  • Projects that enhance the energy efficiency of existing infrastructure.
  • System upgrades that will improve the safety and reliability of infrastructure, such as transmission and distribution networks.
  • Reduction of air pollution to immediately address the health needs of vulnerable people.

The strategy embraces the principles underpinning Sustainable Energy for All (SEforALL), the 2030 Agenda for Sustainable Development, and the Paris Agreement. Financing for improved energy access and security will support the Bank’s members in achieving Sustainable Development Goal 7 (SDG 7), which calls for ensuring access to affordable, reliable, sustainable and modern energy for all by 2030.

“As we implement this strategy, we will be engaging with our external stakeholders to help us identify projects that realize our vision of clean and reliable energy for everyone in Asia,” said Mr. von Amsberg.

“We are ready to do our part in support of the Paris Agreement to build a sustainable tomorrow by investing in energy projects that will meet the needs of developing countries and also protect our environment,” said Jin Liqun, President, AIIB.

Notes to Editor

The Sustainable Energy for Asia Strategy underwent two rounds of public consultations (Phase one in November 2016 and Phase two in February 2017) with a diverse set of external stakeholders.

About AIIB

AIIB is a new multilateral development bank founded to bring countries together to address the daunting infrastructure needs across Asia. Headquartered in Beijing, AIIB commenced its operation in January 2016 and has now grown to 77 approved members from around the world. Its mission is to improve economic and social development in Asia by investing in high quality, financially viable and environmentally friendly infrastructure projects.

-30-

BACKGROUNDER
Sustainable Energy for Asia Strategy
1. Over a billion people across Asia do not have access to clean, reliable electricity.
2. AIIB’s Sustainable Energy for Asia Strategy will help its members transition toward a low-carbon future .
3. It will support AIIB’s members’ plans to meet their commitments under the Paris Agreement.
4. The strategy will contribute to government and private sector efforts to provide millions of people in Asia with access to affordable and reliable energy for the first time.

Initially, AIIB will focus on projects in renewable energy, energy efficiency, rehabilitation and upgrading of existing plants, and transmission and distribution networks. It will cooperate with other multilateral development banks, bilateral agencies and the private sector operating in Asia. Over time, it will also develop financial instruments and engage with potential financial intermediaries in renewable energy and energy efficiency investments.

Renewable Energy

To promote investments in renewable energy, the Bank will:

  • Invest in hydropower, in an environmentally and socially sound manner.
  • Develop innovative and transformative wind and solar projects.
  • Promote distributed generation to reduce burdens on centralized systems.
  • Support the development of significant geothermal resources.
  • Support, when sustainable, modern biomass technologies to meet its members’ energy needs in rural areas.

Energy Efficiency

AIIB will invest in a range of measures to improve the energy efficiency of existing infrastructure, including:

  • Rehabilitation of existing electricity generation stocks.
  • Development of loss reduction and demand-side management programs.
  • Efficiency initiatives, such as green lighting and improvement in insulation.
  • Enhanced efficiency of district heating networks in rapidly urbanizing cities.
 -30-
Source: AIIB

AIIB Approves its First Equity Investment. Also approves loans to support transport and power projects in Georgia and Tajikistan

Also approves loans to support transport and power projects in Georgia and Tajikistan

Today, the Board of Directors of the Asian Infrastructure Investment Bank (AIIB) approved two loans and one equity investment totaling US$324 million to support infrastructure projects in India, Georgia and Tajikistan. These approvals include the Bank’s first equity investment of US$150 million, which will help to attract much needed private investment capital for infrastructure projects in India. Catalyzing private capital is broadly acknowledged as a critical component to addressing the infrastructure gap in Asia. These investments align with the Bank’s priorities to support sustainable infrastructure, improve cross-border connectivity and mobilize private capital.

“Approving our first equity investment is another milestone for the Bank and will enhance our potential to source and fund high quality, private sector projects,” said D.J. Pandian, Vice President and Chief Investment Officer, AIIB. These three projects demonstrate a growing sophistication in our ability to support our member countries across different regions and sectors.

Project details are as follows:

  • US$150 million equity investment to the India Infrastructure Fund. The Fund aims to invest in mid-cap infrastructure companies in India, and to expand the Bank’s equity and loan deal sourcing pipelines in the private sector through its equity participation in this Fund. This initiative will benefit local infrastructure development by enhancing private capital inflows from global long-term investors, such as public pension funds, endowments and insurance companies. Additional details about the Fund can be found here.
  • US$114 million loan for the Georgia Batumi Bypass Road Project, which is the Bank’s first loan to Georgia, co-financed with the Asian Development Bank. The project aims to improve regional connectivity and efficiency of road transport along the East–West Highway in Georgia. The project will construct a new, two lane road approximately 14.3 km long, in a key section of the East–West Highway that skirts the port city of Batumi. Additional project details can be found here.
  • US$60 million loan for the Tajikistan Nurek Hydropower Rehabilitation Project Phase I, co-financed with the World Bank (IDA Credits and Grants). The project aims to rehabilitate and restore the generating capacity of three units of the Nurek hydropower plant, improve their efficiency and strengthen the safety of Nurek dam operations. Additional project details can be found here.

More information on these and upcoming projects may be found at https://www.aiib.org/en/projects/proposed/index.html

About AIIB

AIIB is a new multilateral development bank founded to bring countries together to address the daunting infrastructure needs across Asia. Headquartered in Beijing, AIIB commenced its operation in January 2016 and has now grown to 80 approved members from around the world. Its mission is to improve economic and social development in Asia by investing in high quality, financially viable and environmentally friendly infrastructure projects.

Source: AIIB

AIIB Further Expands Its Membership

Bank approves three new regional applicants, four new non-regional applicants.

Today, the Asian Infrastructure Investment Bank (AIIB) announced that its Board of Governors has adopted resolutions approving seven applicants to join the Bank, bringing the Bank’s total approved membership to 77. This round of approved applicants includes three regional and four non-regional prospective members.

The approved applicants are as follows:

Regional Prospective Members Non-Regional Prospective Members
Bahrain Bolivia
Cyprus Chile
Samoa Greece
Romania

“More and more countries are signing up to be members of AIIB because they see how internationalism can promote development in Asia, with far reaching benefits for the global economy.” said Jin Liqun, President, AIIB.  “We welcome our new prospective members and thank them for joining us in our efforts to meet the infrastructure needs in the region.”

The seven prospective members will officially join AIIB once they complete the required domestic processes and deposit the first installment of capital with the Bank. The shares allocated to the new prospective members come from the Bank’s existing pool of unallocated shares.

At its launch in January 2016, there were 57 signatories to AIIB’s Articles of Agreement, and in March 2017, the Bank announced the approval of 13 prospective members who are currently in the process of finalizing their membership.  The Bank expects to continue welcoming new members later this year.

About AIIB

AIIB is a new multilateral development bank founded to bring countries together to address the daunting infrastructure needs across Asia. Headquartered in Beijing, AIIB’s mission is to improve economic and social development in Asia by investing in high quality, financially viable and environmentally friendly infrastructure projects.

Source: AIIB

World Bank and AIIB Sign Cooperation Framework

World Bank Group President Jim Yong Kim and Asian Infrastructure Investment Bank President Jin Liqun today signed a memorandum of understanding to strengthen cooperation and knowledge sharing between the institutions.

The memorandum of understanding provides an overall framework for cooperation between the World Bank Group and AIIB in common areas of interest, including development financing, staff exchanges, and analytical and sector work. It paves the way for the two institutions to further enhance coordination at the regional and country levels.

“The World Bank Group has worked closely with our partners at the Asian Infrastructure Investment Bank since its inception,” Kim said. “We’re already financing projects together from Azerbaijan to Indonesia, and I’m delighted to further strengthen our partnership. Collaboration between development institutions is essential to make the best use of scarce resources, crowd in the private sector, and meet the rising aspirations of the people we serve.”

The World Bank Group and the AIIB signed a Co-Financing Framework Agreement for investment projects a year ago. Since then, the AIIB and the World Bank have co-financed five projects, supporting power generation in Pakistan, a natural gas pipeline in Azerbaijan, and slum upgrading, dam safety, and regional infrastructure development in Indonesia. The two institutions are discussing more projects to be co-financed in 2017 and 2018.

In addition, the AIIB and the International Finance Corporation, a member of the World Bank Group, have co-invested in a power sector project in Myanmar and are discussing additional potential projects.

“Signing this memorandum of understanding fits into our vision of a new kind of internationalism,” said Jin. “It deepens ours relationship with the World Bank Group and sets up the mechanisms through which we can more easily collaborate and share information. We place a high value on our partnerships because by working together, we greatly increase our potential for positive outcomes in Asia.”

In 2015, the World Bank Group and the Multilateral Interim Secretariat for the Establishment of AIIB signed a memorandum of understanding for overall cooperation and knowledge exchange, which ended when AIIB was formally established.

Source: AIIB

AIIB Announces New Projects; Total Loans Tops US$2 Billion

New loans will finance projects in Indonesia and Bangladesh

The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) recently approved three loans totaling US$285 million, bringing the bank’s total lending to over US$2 billion, in support of its members as they seek to improve the socio-economic living conditions of their citizens. The loans will contribute to the safety and functionality of the water supply from large reservoirs in Indonesia, improve access to infrastructure finance for regional Indonesian governments, and increase operational flexibility and supply integrity of a gas transmission network in Bangladesh.

The loans approved by our Board of Directors are different in their focus, but united in their efforts to leverage infrastructure spending to stimulate growth and improve the quality of life for local communities,” said D.J. Pandian, Vice President and Chief Investment Officer, AIIB. “We value the ongoing collaboration with our multilateral development bank partners to be able to bring this much-needed financing to Indonesia and Bangladesh.

Project details are as follows:

  • US$125 million loan for Indonesia Dam Operational Improvement and Safety Project Phase II, co-financed with the World Bank. The dam improvement project in Indonesia will play a critical role in boosting shared prosperity by increasing the resilience to changes in climate through better infrastructure safety and operations, more protection from dam failure, and enhancing reservoir operations to improve water delivery service provision for domestic and agriculture use. Additional project details can be found here .
  • US$100 million loan for Indonesia Regional Infrastructure Development Fund Project, co-financed with the World Bank. The investment in the Regional Infrastructure Development Fund will support Indonesian regional governments to address their critical infrastructure needs more effectively by overcoming annual funding constraints. Currently available financing instruments in Indonesia are limited and ill-fit for the nature and scale of the required urban and local municipal infrastructure investment. Facilitating medium- to long-term financing to meet the local infrastructure gap is a critical priority for the Government of Indonesia. Additional project details can be found here .
  • US$60 million loan for Bangladesh Natural Gas Infrastructure and Efficiency Improvement Project, co-financed with the Asian Development Bank. To address the gas supply deficit that will eventually impact Bangladesh’s energy security and constrain the nation’s economic growth, the Government of Bangladesh has taken steps to diversify the gas supply through imports either by cross-border gas transmission pipeline or as liquefied natural gas. The project fits within these development plans to avoid a gas crisis. Additional project details can be found here .

More details on these and upcoming projects may be found at https://www.aiib.org/en/projects/proposed/index.html .

As a multilateral financial institution with developing countries as its majority shareholders, AIIB’s investments are focused on the areas that matter most to its clients. Guided by their needs, the bank is investing in sustainable infrastructure, cross-country connectivity and mobilization of private capital. Based on these themes, the bank will leverage its relationships with other multilateral development banks and private financiers to meet Asia’s growing infrastructure demands and contribute to social and economic growth in the region.

About AIIB

AIIB is a new multilateral financial institution founded to bring countries together to address the daunting infrastructure needs across Asia. Headquartered in Beijing, AIIB was established in January 2016 and has now grown to 70 approved members from all over the world. Its mission is to improve economic and social development in Asia by investing in high quality, financially viable and environmentally friendly infrastructure projects.

Source: AIIB

AIIB and Republic of Korea sign MOU to launch AIIB 2017 Annual Meeting

The Asian Infrastructure Investment Bank (AIIB/the Bank) and the Republic of Korea (ROK) today signed a Memorandum of Understanding (MOU) finalizing arrangements for the organization of the 2017 AIIB Annual Meeting. This year’s meeting is being co-hosted by the Bank and the Government of the Republic of Korea, and will be held on June 16-18, 2017, in Jeju Island in the Republic of Korea.

The Annual Meeting is the Bank’s flagship event. In recognition of the challenges Bank members face in making infrastructure investments while fulfilling ambitious environmental commitments, this year’s meeting will center on the theme of ‘Sustainable Infrastructure’.

Over 1,500 delegates, including governors from the Bank’s membership, as well as participants from partner institutions, civil society organizations and leading experts from a range of fields, will come together to think anew about how to build a better and more sustainable future.

A dedicated Annual Meeting website www.aiib2017.org will go live tomorrow, and is where interested participants can learn more about the event and also complete their registration.

AIIB Vice President & Corporate Secretary Sir Danny Alexander said, “I am delighted to sign this MOU today and welcome the excellent collaboration we have had with the Korean Government in preparing for AIIB’s first ever event away from its headquarters. I would encourage anyone thinking of attending to visit the Annual Meeting website and to register early.”

H.E. Sang-mok Choi, First Vice Minister of Strategy and Finance (MOSF) of the Republic of Korea, noted that, “the Annual Meeting will serve as a platform for the AIIB to firmly position itself as a multilateral development bank mandated in infrastructure development. The 2017 Annual Meeting will also serve as an opportunity for the Bank to further develop the relationship with Korea and strengthen cooperation with member countries.”

Source: AIIB

AIIB celebrates its first anniversary; Launches its 2017 agenda

Building on the momentum from its inaugural year, the Asian Infrastructure Investment Bank has launched its 2017 strategic priorities, focusing on sustainable infrastructure, cross country connectivity and the mobilization of private capital. Guided by these themes, the bank will leverage its relationships with other multilateral development banks and private financiers to meet Asia’s growing infrastructure demands and contribute to social and economic growth in the region.

In 2017, AIIB will focus on:

  • Sustainable Infrastructure – promoting green infrastructure and supporting countries to meet their environmental and development goals.
  • Cross-Border Connectivity – prioritizing cross-border infrastructure, ranging from roads and rail, to ports, energy and telecoms across Central Asia, and the maritime routes in South East and South Asia, and the Middle East, and beyond.
  • Private Capital Mobilization – devising innovative solutions that catalyze private capital, in partnership with other MDBs, governments and private financiers.

“AIIB’s core mission is to promote Asia’s social and economic development by investing in projects that will connect people, services and markets,” said Jin Liqun, President, AIIB. “We have a strong pipeline of projects in 2017 that will prioritize green infrastructure investments, promote energy efficiency, renewables, clean transport and other projects that help address global warming.”

Since launching on January 16, 2016, AIIB has welcomed 57 signatory countries and has approved loans of US$1.73 billion to support nine infrastructure projects in seven countries, including Pakistan, Bangladesh, Tajikistan, Indonesia, Myanmar, Azerbaijan and Oman. A full list of approved projects can be viewed by visiting AIIB’s newly redesigned website. Link to Approved Projects.

“We have had a very productive first year of operations,” said President Jin. “In 2016 we worked hard to be seen as a trusted partner by sovereign governments, private financiers and other multilateral development banks. We believe only by working collaboratively can we hope to address the growing need for transportation networks, urban development, clean water supplies and low-carbon power within Asia.”

Web: AIIB

 

AIIB Project Preparation Special Fund is Open to Proposals

The AIIB Project Preparation Special Fund (the Fund) was established as a multi-donor fund on June 2016, with initial financial support from the People’s Republic of China in the amount of USD 50 million. The Bank has received the first installment payment.

The Fund will provide grants to support and facilitate the preparation of projects to be financed by the Bank in eligible member countries (International Development Association recipients, including International Development Association Blend countries). It will mainly benefit the preparation of sovereign backed projects undertaken by national governments or local governments. In exceptional circumstances, Fund resources may also be used for preparing innovative/complex projects, regional/cross-border projects that have significant regional impact and benefit other members or non-sovereign backed transactions where there is a demonstrable need. For criteria and procedures for using the Fund, please refer to the Rules and Regulations of the AIIB Project Preparation Special Fund approved by the Board of AIIB on June 24, 2016 (link to the Policy).

Eligible clients in need of the resources of the Fund may consult with the Project Team Leader of the project which is being considered by AIIB and submit application for consideration. A template of AIIB Project Preparation Special Fund for the clients with instructions is attached.

Questions on the Fund should be addressed to specialfund@aiib.org.

Annex: Template of Application for AIIB Project Preparation Special Fund

Web: AIIB