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China-led AIIB approves $324 million in infrastructure investment

Reuters  |  BEIJING 

(Reuters) - The China-backed Asian Infrastructure (AIIB) said on Thursday it has approved two loans and one equity worth $324 million across Georgia, Tajikistan and

The bank's first ever equity of $150 million aims to help attract private capital for infrastructure projects in India, the said in an emailed statement.

"Approving our first equity is another milestone for the and will enhance our potential to source and fund high quality, private sector projects," said D.J. Pandian, Vice President, in the statement.

"These three projects demonstrate a growing sophistication in our ability to support our member countries across different regions and sectors."

The Beijing-based AIIB, formed in January 2016, aims to provide infrastructure financing in the Asia-Pacific region. The multilateral development has been viewed as a rival to the Western-dominated World and Asian Development

The equity goes towards the Infrastructure Fund which focuses on investing in mid-cap infrastructure companies in in sectors including energy and utilities, transportation and logistics and telecommunications, according to a project summary on the AIIB's website.

A $114 million loan will help fund the Batumi Bypass Road Project and a $60 million loan will go towards the first phase of the Tajikistan Nurek Hydropower Rehabilitation Project, according to the emailed statement.

The 2017 annual meeting will be held from Friday to Sunday this week on Jeju Island in South Korea.

(Reporting by Sue-Lin Wong; Editing by Shri Navaratnam)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)