Hong Kong, China will contribute USD10 million to the Asian Infrastructure Investment Bank’s (AIIB) Project Preparation Special Fund, according to AIIB President Jin Liqun and Hong Kong Special Administrative Region (HKSAR) Chief Executive Carrie Lam. The fund provides grant support to low-income members of AIIB to help them prepare high-quality infrastructure projects.
Low-income countries can struggle to prepare bankable projects due to financial and technical constraints. Grants from the fund will allow them to secure consulting services for conducting feasibility reviews, environmental, financial and legal assessments and to procure equipment or training. Special fund grants help to make projects financially sustainable, environmentally friendly and acceptable by local communities, which in turn improves the overall bankability of projects and their chances for obtaining AIIB financing.
"We express our great appreciation to Hong Kong for their strong support to AIIB," said AIIB President Jin. "The fund is already helping our members prepare high-quality projects. Hong Kong’s contribution is very welcome as it will further enhance our resources to prepare bankable infrastructure projects in low-income countries."
"AIIB is helping countries in Asia plug the infrastructure investment gap," said HKSAR Chief Executive Lam. "We are pleased to support AIIB and believe that our contribution to the fund will play a useful role in realizing AIIB’s mission."
AIIB has approved a total of USD4.395 million grants for five special fund projects in Sri Lanka, Nepal, Pakistan and Lao PDR. More projects are being considered.
The Rules and Regulations for the AIIB Special Fund were approved by AIIB’s Board of Directors on June 24, 2016. China committed USD50 million to the fund while the Republic of Korea and the United Kingdom committed USD8 million and USD50 million respectively. The contribution from Hong Kong, China will take the total commitments to USD118 million. The fund is open for additional contributions.
For more information about the AIIB Special Fund, please visit aiib.org.
About AIIB
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond. Headquartered in Beijing, we began operations in January 2016 and have now grown to 87 approved members from around the world. By investing in sustainable infrastructure and other productive sectors today, we will better connect people, services and markets that over time will impact the lives of billions and build a better future.
Washington D.C., April 22, 2024
AIIB, ESM Strengthen Cooperation to Address Global Challenges
The Asian Infrastructure Investment Bank (AIIB) and the European Stability Mechanism (ESM) have renewed their Memorandum of Understanding (MOU) to build on their successful collaboration and further enhance inter-institutional cooperation.
READ MOREWashington, D.C., April 20, 2024
Multilateral Development Banks Deepen Collaboration to Work as a System
The leaders of 10 multilateral development banks (MDBs) today announced joint steps to work more effectively as a system and increase the impact and scale of their work to tackle urgent development challenges.
READ MOREWashington, D.C., April 20, 2024
AIIB, World Bank Strengthen Cooperation on Infrastructure Development and Sustainable Development Goals
The Asian Infrastructure Investment Bank (AIIB) and the World Bank have signed a renewed Memorandum of Understanding (MOU) to enhance collaboration on infrastructure development and support the achievement of the Sustainable Development Goals (SDGs).
READ MOREWashington, D.C., April 20, 2024
10 MDBs Jointly Launch Global Co-financing Platform
In a groundbreaking act of global collaboration, 10 multilateral development banks (MDBs) have joined forces to launch a digital initiative that aims to transform the development finance landscape, potentially unlocking substantial additional financing.
READ MORE