AIIB approves loans worth $285 million to Bangladesh, Indonesia
- The Asian Infrastructure Investment Bank (AIIB) has approved new loans worth US$285 million to projects in Bangladesh and Indonesia, bringing the Beijing-based bank’s total lending so far to over US$2 billion. The approved projects include a US$125 million loan to a dam improvement project and a US$100 million loan to a regional infrastructure development fund project in Indonesia, both co-financed with the World Bank.
China-led AIIB approves 13 new members, Canada joins
Mar 23, 2017
- The China-backed Asian Infrastructure Investment Bank (AIIB) said on Thursday it has approved 13 new applicants to join the bank, including Canada, a major ally of the United States, bringing its total membership to 70. The approved applicants include eight non-Asian countries – Canada, Belgium, Ethiopia, Hungary, Ireland, Peru, Republic of Sudan and Venezuela – and five regional members – Hong Kong, Afghanistan, Armenia, Fiji and Timor Leste.
30 more countries express interest in joining AIIB: China
18 Jan 2017
- Thirty more countries have applied for joining the China-sponsored Asia Infrastructure Investment Bank in which India is the second largest shareholder, the Foreign Ministry here said on Tuesday. Apart from 57 founding members, 30 more countries have applied to join the Beijing-based bank, Foreign Ministry spokesperson Hua Chunying told reporters while highlighting the bank’s achievements on its first year of operations.
How China’s Asian Infrastructure Investment Bank Fared Its First Year
Jan 14, 2017
- Looking back to 2016, we mark nine major development projects. President Jin Liqun stated that the bank aimed to lend $1.2 billion in 2016, and it has more than met the target, extending over $1.7 billion of loans last year. Some of the first loans approved in June of last year included a $165 million loan for a Power Distribution System Upgrade and Expansion Project in Bangladesh, a $216.5 million loan for a National Slum Upgrading Project in Indonesia, a $27.5 million loan for the Dushanbe-Uzbekistan Border Road Improvement Project in Tajikistan, and a $100 million loan for the Shorkot-Khanewal Section of National Motorway M-4 in Pakistan. All of these, with the exception of the Bangladesh power project, are co-financed by other multilateral institutions. Additional loans were approved in September of last year, including a $300 million loan for a hydropower project in Pakistan and a $20 million loan to a power plant in Myanmar. The AIIB has also committed to $301 million in Oman for the construction of maritime infrastructure at Duqm Port and preparation of the country’s first railway system.
China-led AIIB invests in gas pipeline linking Azerbaijan with Turkey, Europe
- The Asian Infrastructure Investment Bank (AIIB) has approved its biggest loan so far for the construction of a gas pipeline connecting Azerbaijan to Turkey and Southern Europe. The Beijing-based AIIB will lend US$600 million to the Trans-Anatolian Natural Gas Pipeline Project (TANAP) which, when completed, will transport natural gas from fields in Azerbaijan through Georgia into Turkey and then onto markets in Southern Europe.
Philippines taps China-backed AIIB to fix infrastructure
December 19, 2016
- Philippine President Rodrigo Duterte has tapped a China-backed multilateral lender to help fund his government’s “unprecedented infrastructure buildup”, the finance minister said Monday, as he seeks closer relations with Beijing. The Beijing-based Asian Infrastructure Investment Bank (AIIB) has been viewed by some as a rival to the World Bank and the Philippines-based Asian Development Bank (ADB).
China-led AIIB approves $301 mln in loans to Oman
Dec 9, 2016
- Dec 9 The Asian Infrastructure Investment Bank (AIIB) said on Friday it approved two loans totalling $301 million for two transport projects in Oman. The projects are $265 million for port infrastructure and $36 million for railways, the AIIB said.
China-backed AIIB to fund projects in Africa in ‘near future’
- The Asian Infrastructure Investment Bank (AIIB) is reportedly expecting to fund projects in Africa in the near future, a move that would mark the first time for the Beijing-based bank to extend its business beyond Asia.
Brics Plus: China wants more countries in grouping; will India’s influence be reduced?
Mar, 09 2017
- Brics may soon have more member countries, courtesy China. According to a report in The Times of India, the Chinese foreign minister Wang Yi has come up with the idea of expanding the membership of the five-nation economic grouping too include other emerging economies like Mexico, Pakistan and Sri Lanka. At present the grouping has five member countries — Brazil, Russia, India, China and South Africa. The Chinese top diplomat was quoted by the publication as saying, ” China would explore modalities for Brics-plus, to hold outreach dialogues with other major developing countries”. Wang added, “We will widen the circle of friends and turn Brics into the most-influential platform for south-south cooperation in the world”.
BRICS Bank to Finance Technological Innovation Projects
February 27, 2017
- The New Development Bank set up by the BRICS plans to provide lending to technological innovation projects, its vice president Zhu Xian has said. Established to meet emerging economies’ funding needs, the multilateral lender approved loans worth $1.5 billion last year, mainly to finance clean energy and infrastructure developments in BRICS countries—Brazil, Russia, India, China and South Africa, PTI reported.
BRICS & Emerging Economies University Rankings 2017: results announced
November 30, 2016
- India has increased its share of the top universities in the Times Higher Education BRICS & Emerging Economies University Rankings 2017, but China still has the highest density of leading institutions in the developing world. Despite India’s gains, however, China still dominates the list, taking 52 – or more than one in six – places in the top 300. Six of these make the elite top 10, including Fudan University, which rose 11 places to reach sixth place this year, and Peking and Tsinghua universities, which hold on to the top two spots for the fourth year running.
BRICS to set up joint satellite constellation
November 1, 2016
- BRICS countries are aiming to set up a joint grouping of space satellites for remote sensing of Earth, Igor Komarov, the head of the Russian Space Agency (Roscosmos), was quoted by Russian media on Monday.
China-led AIIB approves $320 mln in loans to Pakistan, Myanmar power projects
Sep 29, 2016
- The China-led Asian Infrastructure Investment Bank (AIIB) approved loans totalling $320 million to energy projects aiming to ease severe power shortages in Myanmar and Pakistan, the bank said on Thursday. A $300-million loan will fund expansion of a hydropower project in Pakistan, co-financed with the World Bank, and a loan of $20 million went to a power plant in Myanmar co-financed with other lenders, the bank said in a statement. “With the approval of two new projects, we are well on our way to meeting our target to extend financing of $1.2 billion in 2016,” said President Jin Liqun, adding that the move met a core mandate of backing green and cost-effective infrastructure.
AIIB breaks ground for headquarters in Beijing
September 23, 2016
- A groundbreaking ceremony for the permanent headquarters of the Asian Infrastructure Investment Bank (AIIB) was held on Friday in Beijing. The headquarters will be located in the north of Beijing, between the Olympic Forest Park and the iconic Bird’s Nest Stadium, with construction expected to be completed by the end of 2019, the bank said in an online statement. Speaking at the ceremony, AIIB President Jin Liqun said,”This Bank sets out to be lean, clean and green, and there is no better site in Beijing to highlight our green commitment than alongside the beautiful Olympic Forest Park.”
Mongolia to pitch railway projects to China-backed AIIB – govt adviser
Sep 20, 2016
- Mongolia will pitch a number of railway projects to the China-initiated Asian Infrastructure Investment Bank (AIIB), an adviser to the government told Reuters, as the crisis-hit nation tries to attract investment and boost trade. The landlocked country, wedged between China and Russia, is mired in debt following a slump in commodity prices, a precipitous drop in foreign investment and a rapidly declining currency, forcing the government to hike interest rates and slash spending.
China-led AIIB appoints new French vice-president
- The Asian Infrastructure Investment Bank (AIIB) has appointed Thierry de Longuemar as the bank’s new vice-president in charge of finances, replacing Korea’s Hong Kyttack who recently left the bank due to a scandal related to his previous post at home. The appointment of Thierry de Longuemar, a French national, means that three out of five vice-president’s positions in the newly-established Chinese-led development bank are now held by Europeans.
Canada to apply to join China-backed Asian Infrastructure Investment Bank
August 31, 2016
- Justin Trudeau has officially submitted Canada’s application to join a controversial new international infrastructure bank led by China – an initiative the Asian country hopes will help build its economic credibility around the world. China founded the US$100-billion Asian Infrastructure Investment Bank late last year to provide other countries in the region access to capital for investments in projects in areas such as transportation, power and telecommunications.
AIIB: Chinese investment paving the new silk road
24 June 2016
- The China-led Asia Infrastructure and Investment Bank (AIIB) is seen as a rival to the World Bank, and part of Beijing’s challenge to US global dominance. As it prepares to convene its first annual meeting, the BBC’s Andreas Illmer asks whether Western concerns about Beijing’s ambitions for the bank been realised. When the development bank was set up in 2015, the US was so concerned it even tried to stop its Western partners from joining.
AIIB president says bank to have 100 members by year end
- The Asian Infrastructure Investment Bank (AIIB) will expand its membership from 57 to nearly 100 countries and regions this year, AIIB president Jin Liqun said. Some 30 countries are waiting to join the AIIB, 20 have expressed “firm commitment,” Wednesday’s China Daily cited Jin as saying. While the United States and Japan have declined to join the bank, Jin said all countries would work together, regardless of the bank membership.
China-backed AIIB to look at Putin proposals for Russia financing
May 19, 2016
- The new Chinese-backed Asian Infrastructure Investment Bank (AIIB) will take a careful look at proposals made by President Vladimir Putin for financing projects in Russia, the bank’s president said on Thursday. Putin proposals include the expansion of Russia’s Transsib railway expansion and developing a Northern Sea maritime route as well as projects in the country’s Far East region. “We would take a careful look at all of the project proposals (from member countries) to see if they are feasible and if we are financially competent to finance all these projects,” Jin Liqun said when asked about Putin’s proposals.
China-led AIIB to co-finance first Indonesia project
May 19 2016
- China-backed Asian Infrastructure Investment Bank (AIIB) could announce as early as next month a plan to co-finance a national slum upgrading project in Indonesia, in what could be the bank’s first foray into the country, Indonesia’s finance minister said. The $1.74bn project, co-funded by the Indonesian government, the World Bank and the Islamic Development Bank (IDB), will seek to improve Indonesian urban slums to ensure residents have access to clean water, electricity and basic sanitation.
Asian Infrastructure Investment Bank to Hold First Annual Meeting in June
May 15, 2016
- The Asian Infrastructure Investment Bank (AIIB) led by China eyes to hold its first annual meeting in June in Beijing, the South China Morning Post (SCMP) reported. Slated on the 25th and 26th of the month, the gathering will include “governors and representatives from 57 members, along with invited observers from international partners.” Though the official statement did not reveal further details, AIIB President Jin Liqun shared in Hong Kong last April that the bank’s board members would hold a meeting next month to discuss new membership.