(Yicai Global) Dec. 26 -- The Asian Infrastructure Investment Bank said it will prioritize projects related to environmental protection, energy conservation, efficiency enhancement, carbon emission reduction and infrastructure improvement, fostering cooperation between China and its neighbors.
As a multilateral financial institution that China initiated and led, the AIIB aims to provide better financing support for middle- and low-income developing countries to advance their infrastructure, China News Service reported on Dec. 25.
The Chinese government decided not to borrow a lot from the AIIB while it was getting its footing, and the AIIB made its first investment in China about two years after the bank's establishment, an AIIB staff member said.
The AIIB announced its first project in China and approved a loan of USD250 million for the Beijing Air Quality Improvement and Coal Replacement Project on Dec. 11.
The Beijing Air Quality Improvement and Coal Replacement Project can effectively reduce airborne suspended particulate matter, carbon emissions and coal consumption in Beijing to improve the quality of the city's air and environment, the AIIB said.
The AIIB has unveiled 24 infrastructure investment projects in 12 member states, loaning USD4.2 billion and attracting more than USD20 billion of public and private funds.
The energy, infrastructure, transport, communications, environmental and urban development projects cover the Philippines, India, Pakistan, Myanmar, Indonesia and other countries.
Established in 2015, the AIIB opened for business in January last year with 57 founding members. It has expanded its approved membership to 84 in four rounds of additions.