AIIB to invest 1.09 bln USD in ASEAN countries to boost interconnectivity
September 22, 2019 04:52 PM NPT
BEIJING, Sept. 22: Jin Liqun, the president of China-initiated Asian Infrastructure Investment Bank (AIIB), said on Sunday that the bank will invest in six projects with 1.09 billion U.S. dollars in countries of the Association of Southeast Asian Nations (ASEAN).
"The bank will play a bigger role in promoting interconnectivity between China, ASEAN and other Asian countries," Jin said at the 16th China-ASEAN Expo in Nanning, the capital city of south China's Guangxi Zhuang Autonomous Region, Xinhua News Agency reported. The AIIB has invested a total of 1 billion dollars in 10 projects in six ASEAN countries in the past four years, Xinhua quoted as Jin saying.
"I am confident that members of ASEAN will gain greater benefits and dividends from our cooperation," Jin said, highlighting the role of the Belt and Road Initiative in boosting interconnectivity in the ASEAN region.
Headquartered in Beijing, AIIB is a multilateral development bank which focuses on infrastructure investment. Beginning operations in 2016, the bank has expanded its membership to 100 and approved 46 loan projects with a total amount of 8.5 billion dollars for its 18 members, according to Xinhua.