"The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) recently approved three loans totaling US $285 million, bringing the bank’s total lending to over US $2 billion, in support of its members as they seek to improve the socio-economic living conditions of their citizens," the bank said in a press release.
The bank is investing $125 million alongside the World Bank in the Indonesia Dam Operational Improvement and Safety Project Phase II, aimed at improving water delivery for both domestic and agricultural use in the country. The AIIB is also cooperating with the World Bank in the Indonesia Regional Infrastructure Development Fund Project, providing a $100-million loan.
In Bangladesh, the AIIB is financing the Bangladesh Natural Gas Infrastructure and Efficiency Improvement Project alongside the Asian Development Bank.
Last week, the AIIB approved 13 new prospective members to join the bank, making the total of approved memberships 70 states.
The AIIB is an international financial institution that invests in infrastructure projects. It was proposed by China in 2013 and launched as an initiative in October 2014. The bank currently has 57 founding members, with China, India and Russia having the largest share of votes on the board of directors.