AIIB sets up project preparation special fund

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JAKARTA (TheInsiderStories) – AIIB President Jin Liqun and Chinese Vice Minister of Finance Shi Yaobin has signed a Contribution Agreement in Beijing on China’s $50 million contribution to the newly established AIIB Project Preparation Special Fund (the Fund).

The Bank’s Board of Directors approved the Rules and Regulations for the Fund during its quarterly meeting on June 24, 2016. The Fund will support Bank members in preparing sound project proposals. China’s contribution, the first to the Fund, will allow it to be operational in the fall of 2016.

During the course of the Bank’s establishment, its members expressed a need for concessional resources to strengthen their project preparation capacity. The Fund is expected to provide grants to the Bank’s low and middle income member countries for preparation activities, including environmental, social, legal, procurement and technical assessments and analyses, and advisory services. The Bank will seek additional contributions to ensure the Fund’s sustainability.

“During the AIIB Inauguration, China committed to a contribution of $50 million to establish a Special Fund to support the Bank’s less developed member countries in preparing projects for AIIB financing”, said Vice Minister Shi.

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Source: The Insiderstories
AIIB sets up project preparation special fund

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