China-led AIIB approves $324m in infrastructure investment

A man walks beneath a on overhead rail track for the Lucknow Metro developed by Lucknow Metro Rail Corp. in the Hazratganj area of Lucknow, Uttar Pradesh, India, on Tuesday, February 14, 2017. Photographer: Prashanth Vishwanathan/Bloomberg

The China-backed Asian Infrastructure Investment Bank (AIIB) said on Thursday it has approved two loans and one equity investment worth $324 million across Georgia, Tajikistan and India.

The bank’s first ever equity investment of $150 million aims to help attract private capital for infrastructure projects in India, the AIIB said in an emailed statement.

“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, AIIB Vice President, in the statement.

“These three projects demonstrate a growing sophistication in our ability to support our member countries across different regions and sectors.”

The Beijing-based AIIB, formed in January 2016, aims to provide infrastructure financing in the Asia-Pacific region. The multilateral development bank has been viewed as a rival to the Western-dominated World Bank and Asian Development Bank.

The equity investment goes towards the India Infrastructure Investment Fund which focuses on investing in mid-cap infrastructure companies in India in sectors including energy and utilities, transportation and logistics and telecommunications, according to a project summary on theAIIB‘s website.

A $114 million loan will help fund the Georgia Batumi Bypass Road Project and a $60 million loan will go towards the first phase of the Tajikistan Nurek Hydropower Rehabilitation Project, according to the emailed statement.

The 2017 AIIB annual meeting will be held from Friday to Sunday this week on Jeju Island in South Korea.

Also read:

China’s AIIB to provide $160m loan for Indian power project

ADB, AIIB approve $100m co-financing deal for Pakistan road project

Reuters

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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