AIIB can fund 3 projects in Kazakhstan, Tajikistan and Pakistan

Almaty. April 20. Silkroadnews – The Asian Infrastructure Investment Bank (AIIB) can fund three road projects in Kazakhstan, Tajikistan and Pakistan, KazTAG reports with reference to Financial Times.    

According to people with knowledge of the projects and tender documents AIIB will help fund a highway in Pakistan, an expressway running from Tajikistan’s capital to the border with Uzbekistan, and a ring road in Almaty, Kazakhstan (BAKAD).

It is expected that all three projects will receive preliminary approval from the AIIB’s investment committee before the end of this month, with further formal approval by the bank’s board in June. The AIIB declined to comment.
In the BAKAD ring road project AIIB plans to join the World Bank (WB) and the European Bank for Reconstruction and Development (EBRD) that have already made their decision on project funding.

In Tajikistan the AIIB will join the project of the Asian Development Bank (ADB) and EBRD in helping funding a road between Dushanbe and Tursunzoda located on the Uzbekistan border.

In Pakistan, according to the tender documents, the AIIB will join the ADB project in funding a 64km stretch of motorway connecting Shorkot to Khanewal.

The AIIB was launched in January with participation of dozens of Asian and European member countries, many of them despite being the US allies yet ignored Washington’s concerns about the emergence of a Chinese rival to the World Bank and Asian Development Bank.

In an effort to counter the Obama administration’s initial criticism, the AIIB has said it will enforce governance standards on a par with those at the World Bank and ADB. Last week Jin Liqun, AIIB president, and his World Bank counterpart signed a framework agreement to work together on co-finance projects. The AIIB expects to approve about $1.2bn in financing this year, including about a dozen projects with the World Bank that have not yet been announced.