BEIJING, Sept 29 The China-led Asian
Infrastructure Investment Bank (AIIB) approved loans totalling
$320 million to energy projects aiming to ease severe power
shortages in Myanmar and Pakistan, the bank said on Thursday.
A $300-million loan will fund expansion of a hydropower
project in Pakistan, co-financed with the World Bank, and a loan
of $20 million went to a power plant in Myanmar co-financed with
other lenders, the bank said in a statement.
"With the approval of two new projects, we are well on our
way to meeting our target to extend financing of $1.2 billion in
2016," said President Jin Liqun, adding that the move met a core
mandate of backing green and cost-effective infrastructure.
The bank has previously co-financed projects such as a slum
renovation in Indonesia and highway construction in Pakistan and
Crisis-hit Mongolia plans to pitch a number of railway
projects to the AIIB as it steps up efforts to attract
investment and boost trade, Reuters reported this month.
The bank, proposed by Chinese President Xi Jinping two years
ago, began operations in January, with 57 founding member
countries and $100 billion in committed capital.
(Reporting by Sue-Lin Wong; Editing by Clarence Fernandez)