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China-backed AIIB approves $509 million for first four projects

AIIB's board approved its first four deals worth $509 million on Friday, with three projects co-financed with the World Bank, the Asian Development Bank, the United Kingdom Department for International Development and the European Bank for Reconstruction and Development. The Abu Dhabi Fund for Development (ADFD) was chosen to represent the UAE in the AIIB, as well as coordinate and manage projects implemented through this partnership. On the third day of his visit here, Finance Minister Arun Jaitley made the offer while addressing the Board of Governors Session of the Annual General Meeting (AGM) of the bank headquartered here.

Asked whether any projects have been identified for financing in India, Jaitley told media here he will speak on the subject tomorrow.

Former British Treasury minister Danny Alexander is one of the vice-presidents in the bank, which has China, India and Russian Federation as the biggest shareholders.

AIIB was officially established late a year ago with authorised capital of $ 100 billion. In the same month, China became an EBRD shareholder country. India is the second largest shareholder with 7.5 per cent followed by Russian Federation with 5.93 per cent and Germany with 4.5 per cent.

Mr Jin said the bank "is committed to working together with the World Bank, Asian Development Bank and other organisations on the initiative to formulate quantitative targets for high-quality infrastructure investment".

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The three other approved loans are a $ 216.5 million loan for Indonesia, $ 165 million loans for a Bangladesh project - the first batch of loan for the country from the China-led development bank and a $ 27.5 million loan for Tajikistan.

The project will supplement the bank's development partner efforts by providing additional financial resources to connect more rural and urban consumers, further reduce distribution losses, and improve the quality and reliability of power supply in Bangladesh, said the statement.

The bank's Vice President and Chief Investment Officer DJ Pandian welcomed the new investments.

The China-backed Asian Infrastructure Investment Bank (AIIB) has approved a special fund to support members for project preparations.

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