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.
"I wish to extend our sincere thanks to the UK government for their strong support for AIIB", said President Jin. "These additional resources will help our low-income member countries to prepare projects that will meet AIIB’s standards. This will result in more projects that are financially viable, environmentally sustainable and welcomed by local communities."
Chancellor Hammond said, "The UK strongly supports the AIIB's vital mission to address the infrastructure gap in Asia. I am very pleased to confirm our US$50 million contribution to the AIIB Special Fund, which will help the low-income countries that most need our joint assistance to prepare credible project proposals so they can access finance from the Bank."
The AIIB Project Preparation Special Fund was established in June 2016. China and the Republic of Korea committed US$ 50 million and US$ 8 million respectively. The Fund is open for more contributions.
Recently the Bank approved two special fund projects which include US$ 1 million to Nepal to prepare an urban infrastructure investment project and US$ 700,000 to Sri Lanka to prepare a solid waste management project.
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.
More News Articles
Beijing, February 01, 2023
AIIB Launches Inaugural Euro Commercial Paper Program
The Asian Infrastructure Investment Bank (AIIB) is launching its inaugural USD5-billion multicurrency Euro Commercial Paper (AIIB ECP) program in February 2023. The program expands AIIB’s short-term funding options and demonstrates the Bank’s agility in meeting investors’ demand for sustainable investment through high-quality debt capital market issuance programs.READ MORE
Beijing, January 09, 2023
AIIB Welcomes Mauritania as New Prospective Member
The Asian Infrastructure Investment Bank’s (AIIB) Board of Governors has approved Mauritania’s application, raising the Bank’s approved membership to 106. Mauritania is now AIIB’s 55th nonregional member, 21 of which are from Africa.READ MORE
Beijing, December 30, 2022
AIIB Extends EUR250M to Support Egypt’s Green Public Transportation
The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a EUR250-million loan to Egypt for the Alexandria-Abou Qir Metro Line Project. Aiming to increase access to efficient, safe and low-carbon public transportation in the city of Alexandria, the project will upgrade and electrify the existing Alexandria-Abou Qir line. Twenty metro stations along the 22-kilometer corridor will be modernized, 13 stations and 16 kilometers of which will be elevated.READ MORE
Beijing, December 12, 2022
AIIB Reinforces Commitment to Support Members’ Clean Energy Solutions
The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) has approved an update to the Bank’s Energy Sector Strategy on Nov. 22, 2022. Under the updated Energy Sector Strategy, AIIB will focus its energy investments on supporting its Members to achieve their long-term climate goals and net-zero/carbon neutrality commitments and to accelerate the just transition towards secure, affordable, and sustainable energy access for all.READ MORE