China-backed AIIB ‘on track to meet 2016 lending targets’

The China-backed Asian Infrastructure Investment Bank (AIIB) is “on track” to meet its big first-year targets, including lending US$1.2 billion by the end of 2016, bank president Jin Liqun said on Friday.

After bringing many US allies on board and a high-profile launch in January, the multilateral lender moved onto the business of raising funds, gaining expertise, and recruiting experienced executives.

The bank, part of Beijing’s push to expand its regional clout, has lent US$829 million to six projects in Pakistan, Tajikistan, Indonesia and Bangladesh.