Pakistan

UK gives $50 million to AIIB

AIIB approved two special fund projects which include $1 million to Nepal to prepare an urban infrastructure

APP December 17, 2017

In a speech Morneau suggested Canada was seeking to strike a balance between its close ally and neighbour, the US, and the growing Asian giant. China is Canada’s second-largest trading partner after the United States, with exchanges topping Can$85 billion ($66.5 billion) last year. PHOTO: AIIB.ORG

BEIJING: The UK government is going to contribute $50 million to the Asian Infrastructure Investment Bank’s (AIIB) Project Preparation Special Fund (Fund). UK’s Chancellor of the Exchequer, Philip Hammond and AIIB President Jin Liqun have signed an agreement over the contribution, AIIB announced on its official website on Saturday. The AIIB Project Preparation Special Fund was established in June 2016 to provide grant support primarily to low income developing member countries to prepare high quality projects. China and South Korea committed $50 million and $8 million respectively. The Fund is open for more contributions. Recently, AIIB approved two special fund projects which include $1 million to Nepal to prepare an urban infrastructure investment project and $700,000 to Sri Lanka to prepare a solid waste management project.

Published in The Express Tribune, December 17^th, 2017.

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