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AIIB 1st annual meeting: First batch of loans worth over $500 mln approved


06-26-2016 12:34 BJT

Today is the second day of the first annual meeting of the Asian Infrastructure Investment Bank or AIIB.

Two seminars about infrastructure and global economic growth, as well as the Multilateral Development Banks' role on financing green infrastructure are being held. The two-day meeting brings together governors and representatives from 57 AIIB members in the Chinese capital. Earlier, the board of directors had approved the Bank's first four project loans, amounting to over half a billion US dollars.

The Bank is aiming to provide approximately 1.2 billion US dollars worth of loans by the end of this year. At the opening ceremony on Saturday, Vice Premier Zhang Gaoli said China hopes the AIIB can be actively involved in the development of countries along the "Belt and Road." And AIIB President Jin Liqun expressed his confidence in the bank's development.

The AIIB was established last December. It supports infrastructure development and regional connectivity in Asia.

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