ADB invests in firm

ADB invests in firm

MANILA (Reuter): The Asian Development Bank (ADB) said
yesterday it had approved a 3.0 billion yen (US$29.1 million)
investment in Asian Infrastructure Development Co Ltd (AIDEC), a
multilateral investment company aimed at financing infrastructure
projects in Asia.

In a statement, the Manila-based ADB said other major
shareholders of AIDEC are Overseas Economic Cooperation Fund and
other regional private institutional investors.

AIDEC is aimed at financing infrastructure projects through
loans and equity and equity-linked investments.

AIDEC hopes to raise a total equity of 100 billion yen ($970
million), from public and private investors, the ADB said.