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, China, July 09, 2018
AIIB to Transition to New Model For Project Approvals
The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a new governance model that will strengthen its role in establishing the policies and strategies of the bank and its ability to hold the President accountable for the management of AIIB. It will also delegate authority to the President to approve a select group of projects based on predetermined criteria. This new model is expected to enhance efficiency and make the President more responsible and accountable to the shareholders for AIIB’s operations.READ MORE
Beijing, China, July 03, 2018
AIIB Approves $250M to Modernize, Rehabilitate Irrigation in Indonesia
The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) has approved a USD250 million loan to improve irrigation services and management accountability in Indonesia.READ MORE
Ankara, Turkey, June 27, 2018
AIIB Approves First Loan in Turkey; USD600M Investment to Improve Gas Supply
The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) has approved a USD600-million loan to increase the reliability and security of Turkey’s gas supply. The project, cofinanced with the World Bank, is AIIB’s first project to be financed in Turkey.READ MORE