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China-Led Development Bank Starts With $509 Million in Loans for 4 Projects

By Tony Seruga

Jin Liqun, the president of the Asian Infrastructure Investment Bank, on Saturday in Beijing at the bank’s first annual meeting. CreditJason Lee/Reuters

BEIJING — A new Chinese-led international development bank announced its first four loans on Saturday, pledging to lend $509 million for projects to spread electric power in rural Bangladesh, upgrade living conditions in slums in Indonesia, and improve roads in Pakistan and Tajikistan.

At the first of the annual general meetings of the institution, the Asian Infrastructure Investment Bank, the bank’s president, Jin Liqun, said the projects were financially sound and environmentally friendly and had been accepted by the people in the project areas.

The projects of the 57-member bank, founded last year as an effort by Chinato both challenge lending institutions and cooperate with them, are relatively modest…

China-Led Development Bank Starts With $509 Million in Loans for 4 Projects

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