AIIB approves first loan project in China

Updated 2017-12-11 14:02:16 Xinhua

The Asian Infrastructure Investment Bank (AIIB) announced Monday that it has approved its first loan in China for a natural gas project.

The 250-million-U.S. dollar loan will fund a project to connect 216,750 households in approximately 510 villages to the natural gas distribution network, according to an AIIB statement.

Upon completion and after subtracting the emissions from burning natural gas, the project is expected to reduce annual carbon dioxide emissions by 595,700 tonnes, particulate matter by 3,700 tonnes, sulfur dioxide by 1,488 tonnes and nitrogen oxide by 4,442 tonnes, according to the statement.

AIIB President Jin Liqun said China's commitment to reducing its reliance on coal will change lives and improve the environment.

"That is why we are investing in a project aligned with their ambitious plan," Jin added.

He reaffirmed AIIB's "unwavering commitment" to helping members meet their environmental and development goals, especially their commitments under the Paris Agreement.

"It is only fitting that our first investment in China will introduce sustainable infrastructure that will reduce greenhouse gas emissions and help invigorate one of the most important economic hubs in Asia," Jin said.

The investment in the project also marks AIIB's first corporate loan. The project, undertaken by the Beijing Gas Group Company, will entail construction of natural gas distribution networks in villages and low-pressure gas pipelines and household connections. It is scheduled for completion in 2021.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58August 18 2018 11:11:11

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16August 18 2018 11:11:11

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18August 18 2018 11:11:11

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords