AIIB approves first loans for projects in four countries
The China-led Asian Infrastructure Investment Bank (AIIB) has approved first set of loans totaling US 509 million dollars to finance projects in four countries namely- Bangladesh, Pakistan, Indonesia, and Tajikistan. These loans for the four projects were approved in Board of Directors meeting of AIIB held at itsheadquarters in Beijing, China. AIIB was officially established late last year with authorised capital of $ 100 billion. China is the largest shareholder with 26.6 per cent voting shares.
These loans will have an interest rate of London Interbank Offered Rate (LIBOR) plus 1.15 % and a repayment period of 25 years with 5 years grace period. These projects spanning in the energy, transport and urban development sectors will help to bridge the region’s critical infrastructure financing gap. It will also help to strengthen regional connectivity.
So let's discuss some questions related to this post :
1. Name the four countries which have got the first loans from AIIB?
2. Where is the headquarter of AIIB and what was the initial corpus of AIIB?