AIIB - first infrastructure projects approved in Asia
The AIIB approved the first two infrastructure projects, co-financed with the ADB and the EBRD.
Pakistan: National Motorway M4 project cofinanced with the ADB
On 2nd May 2016 Asian Development Bank President Takehiko Nakao and Asian Infrastructure Investment Bank President Liqun Jin signed a memorandum of understanding on the sidelines of ADB’s 49th Annual Meeting of the Board of Governors.
The agreement sets the stage for jointly financing projects. The first of these projects is Pakistan’s M4 highway project, that will construct 64 km of a four-lane section of the motorway linking Shorkotto Khanewalin Punjab province of Pakistan. It will provide a faster, safer, and more cost-effective north-south route in support of the country’s economic and social development.
The total project cost is estimated at US $ 273 million. ADB will be the lead co-financer and administer the project on behalf of the other co-financers (AIIB and UK Department for International Development).
Tajikistan: Dushanbe-Uzbekistan border road improvement project cofinanced with the EBRD
The second project, co-financed by AIIB with the European Bank for Reconstruction and Development, is the Dushanbe-Uzbekistan Border Road Improvement Project in Tajikistan.
The total project cost is estimated at US $ 105.9 million. EBRD will be the lead co-financer and will administer the project on behalf of AIIB.
> Dushanbe - Uzbekistan Border Road Improvement Project
The Asian Infrastructure Investment Bank
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank that focuses on the development of infrastructure and other productive sectors in Asia, including energy and power, transportation and telecommunications, rural infrastructure and agriculture development, water supply and sanitation, environmental protection, urban development and logistics, etc.
Representatives from 22 countries signed the October 2014 Memorandum of Understanding (MOU) to establish the AIIB and Beijing was selected to host Bank headquarters. Mr. Jin Liqun was appointed as the Secretary General of the Multilateral Interim Secretariat. The Secretariat was tasked to perform technical preparations for establishing the AIIB and to provide technical support and services for the Chief Negotiators' Meetings.