Beijing-led development bank approves first loans

A new Chinese-led development bank has approved its first loans and expects to suffer no impact from Britain’s vote to leave the European Union, the bank’s president said Saturday at its first annual meeting.
The Asian Infrastructure Investment Bank, launched in January with 57 member governments, already has received expressions of interest from possible additional members, said Jin Liqun at a news conference. He said observers from 24 other nations attended the meeting.
The bank reflects China’s rapidly growing financial might and desire for a bigger voice in global finance, which is dominated by the United States and Europe.
Despite initial U.S. opposition, the AIIB attracted unexpectedly wide support from American allies including Britain, France, Australia and South Korea. Washington and Japan have refrained from seeking membership.
The bank’s board approved a total of USD509 million in loans Friday for a power project in Bangladesh, slum-upgrading in Indonesia and road-building in Pakistan and Tajikistan, according to Jin, a former chairman of China’s sovereign wealth fund. Joe McDonald, AP