BEIJING (Reuters) – The board of China-backed Asia Infrastructure Investment Bank (AIIB) approved $509 million in investments for its first four projects on Friday.

Three of the four projects are co-financed with the World Bank, the Asian Development Bank, the United Kingdom Department for International Development and the European Bank for Reconstruction and Development.

The projects, announced previously, are power grid upgrades in Bangladesh, slum renovation in Indonesia and highway construction in Pakistan and Tajikistan.

“We are working on a number of additional projects and look forward to bringing them to our Board for its approval later this year,” said AIIB president Jin Liqun.

AIIB was proposed by Chinese president Xi Jinping two years ago and began operations in January. It counts 57 founding member countries and $100 billion in committed capital. AIIB plans to invest $1.2 billion this year.

The bank is holding its first annual meeting in Beijing on Saturday.

(Reporting by Beijing monitoring desk and Elias Glenn; Editing by Simon Cameron-Moore and Kim Coghill)

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