Beijing, September 05, 2017
AIIB Supports Renewable Energy Development in Egypt
Up to $210 million in financing will support 11 solar power projects
The Asian Infrastructure Investment Bank announced up to US$210 million in debt financing to tap Egypt’s renewable energy potential. This solar power project will increase Egypt’s power generation capacity, reduce the country’s dependence on gas and fuel for electricity generation, and will help the country meet its commitments under the Paris Climate Agreement as it moves towards an environmentally sustainable energy mix.
The project will consist of 11 greenfield solar power plants with an aggregate capacity of 490 MW. Egypt’s huge solar resources, together with its strategic vision for green growth, will allow this project to generate global environmental benefits by avoiding Greenhouse Gas (GHG) emissions of more than half a million tons of CO2 per year. A syndicate of lenders including the Bank will provide long-term debt financing on a limited recourse project finance basis.
"Investing in clean, renewable energy is a big part of our strategy to promote a sustainable and low-carbon future for Asia," said D.J. Pandian, Vice President and Chief Investment Officer, AIIB. "We are supporting this project because it contributes to Egypt’s renewable energy capacity, and it will help position the country as a regional energy hub, which will have economic benefits for the entire region."
The program will increase Egypt’s generation capacity so it can export energy during peak hours and improve its connectivity in the Middle East, Asia, Europe and Africa. The Project will be co-financed by AIIB and the International Financial Corporation (IFC), and is attracting additional lenders from the private sector and bilateral financial institutions. Additional project details can be found here.
AIIB is a multilateral development bank founded to bring countries together to address the daunting infrastructure needs across Asia. Headquartered in Beijing, AIIB commenced its operations 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.
Beijing, February 26, 2018
AIIB Invests to Help Bangladesh Address Power Shortages
The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a loan of up to USD60 million for a project that will increase power generation capacity in Bangladesh and help the country respond to power shortages.READ MORE
Beijing, December 19, 2017
AIIB Approves Membership of Cook Islands, Vanuatu, Belarus and Ecuador
The Asian Infrastructure Investment Bank’s (AIIB) Board of Governors has adopted resolutions approving four applicants to join the Bank, bringing AIIB’s total approved membership to 84. This round of approved applicants includes two regional and two nonregional prospective members.READ MORE
Beijing, December 16, 2017
UK Government Pledges US$50 million to AIIB Project Preparation Special Fund
Asian Infrastructure Investment Bank (AIIB) President Jin Liqun and United Kingdom (UK) Chancellor of the Exchequer Rt Hon Philip Hammond have signed an agreement for the UK to contribute US$50 million to AIIB’s Project Preparation Special Fund which provides grant support primarily to low income developing member countries to prepare high quality projects.READ MORE