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China-Led AIIB Announces First Loans in Xi Push for Influence

  • Projects range from Indonesian slum to Pakistan highway
  • Three are co-financed with other international banks

The China-led Asian Infrastructure Investment Bank announced its first loans for projects ranging from a slum upgrade in Indonesia to a highway in Pakistan.

The four loans total $509 million, with three of them co-financed with other multilateral development banks, according to an e-mailed statement by the bank on Friday. AIIB is targeting lending of about $1.2 billion this year, according to the statement.