Beijing, December 12, 2017
AIIB Invests in 100-percent electric rapid transit system in Bangalore
The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a US$335 million loan for a 100-percent electric metro project that will reduce traffic and pollution and increase employment and mobility in India. The investment in the Bangalore Metro Rail Project—Reach 6 (R6) is AIIB’s first metro project and its first joint financing partnership with the European Investment Bank (EIB). EIB is the project’s lead financier with Euro 500 million in funding.
By expanding the city’s metro system, the project will provide high-capacity north-south connectivity through the center of Bangalore—India’s third most populated city with a population of 9.6 million. Primary beneficiaries will be the commuters who travel along the corridor, with residents and commercial establishments along the line as secondary beneficiaries. Travel times for some journeys impacted by the lack of a metro system are expected to drop from two hours today to 15 minutes when the R6 line is completed.
"We’re investing in this metro project because of its potential to greatly improve the mobility of commuters and further economic growth through better connectivity,” said AIIB Vice President and Chief Investment Officer D.J. Pandian. “The project’s impact on the reduction of fuel consumption and traffic congestion will also help reduce local air pollution and noise and make Bangalore a more livable city. We look forward to continuing to review metro projects in India, and across Asia, that will support connectivity and introduce greener methods of transportation."
R6 is a key part of Phase II of the Bangalore Metro Rail Project and a key component of the future rail link to Bangalore Airport. Operations will be entirely electric, further reducing greenhouse gas emissions and helping mitigate climate change effects. The Bangalore Metro Rail Corporation Limited is the entity implementing the project.
In May 2016, AIIB and EIB signed a memorandum of understanding establishing a framework of cooperation to conduct regular dialogues and explore joint infrastructure project financing. The Bangalore Metro Rail Project—R6 is the first project resulting from that framework.
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
Beijing, December 12, 2017
Together Major Development Finance Institutions Align Financial Flows with the Paris Agreement
The global development agenda is being transformed in fundamental ways. The Sustainable Development Goals (SDGs), agreed upon by the international community, constitute a universal compass, highlighting the need for systemic and collective action for sustainable, equitable and inclusive development for everyone on this planet. The imperative for mobilizing and shifting financial flows, public and private, towards sustainable development was highlighted by the 2015 Addis-Ababa Financing for Development Conference. The Paris Agreement reached at COP21 recognized that all countries and stakeholders must act to combat climate change. Since the Agreement’s entry into force in 2016, the momentum for climate action has become irreversible.READ MORE