AAIB to lend up to $15 bil­lion a year

China Daily (Canada) - - NEWS CAPSULE -

The Asian In­fra­struc­ture In­vest­ment Bank, the new in­ter­na­tional de­vel­op­ment bank led by China, plans to lend $10 bil­lion to $15 bil­lion a year for the first five or six years, a top of­fi­cial said on Tues­day.

The new lender, which will be in­au­gu­rated later this month, plans to con­duct its first board meet­ing next month and will sup­port in­fra­struc­ture de­vel­op­ment and con­nec­tiv­ity in Asia, said Jin Liqun, the pres­i­dent-des­ig­nate of the AIIB.

“The bank is nei­ther a Chi­nese bank nor a bank owned by the Chi­nese gov­ern­ment, but one owned by all par­tic­i­pat­ing coun­tries,” said Jin in Beijing.

Jin did not spec­ify any pri­or­ity projects for the AIIB or the coun­tries that would be the ben­e­fi­cia­ries of ini­tial loans, but said around 30 coun­tries are wait­ing in line for mem­ber­ship and this would in­crease the bank’s cap­i­tal.

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