AIIB's first loan to China aims at Beijing natural gas facility

A file photo shows the headquarters of the Asian Infrastructure Investment Bank in Beijing. The AIIB announces its first loan to China on Monday, December 11, 2017. [Photo: Xinhua]

The Asian Infrastructure Investment Bank has approved its first loan to China.

The 250 million US dollar loan will be used to build a natural gas pipeline network in the suburbs of Beijing.

More than 210 thousand households in over 500 villages are expected to be covered through the AIIB.

After being completed in 2021, the project is expected to help wean Beijing off coal-fired power generation.