AIIB Keen On Investing In Malaysia's Solar Energy Development

KUALA LUMPUR, Oct 23 (Bernama) – The Asian Infrastructure Investment Bank (AIIB) sees many interesting opportunities in Malaysia and is keen on investing in the country’s solar energy development. Vice-President for Policy and Strategy, Dr Joachim Von Amsberg said the multilateral financial institution, which has yet to invest in the country, was interested in long-term financing and investments in newer areas in Malaysia, where commercial interests were not yet sufficiently developed. “We have spoken with various potential counterparts here and see many interesting opportunities for us to engage. “We talked about solar energy, which is a sub-sector of renewable energy that is now increasingly becoming competitive against traditional fossil fuel,” he added. He said this in his special luncheon address at the Kuala Lumpur Roundtable, a one-day event organised by the Global Foundation and the Asian Strategy and Leadership Institute. The AIIB welcomed the government in seeking financing in power sector investments as the bank could be more agile and innovative compared with more established institutions. He said AIIB’s role was to work closely with governments or developers by providing financing and turning their projects into bankable ones, which would then allow private investment to flow into this space. “I spend a lot of time at government forums. You have governments talking all about projects they have but with insufficient financing available. On the other hand, in an investor forum, you typically hear about a lot of money available, but no projects to invest in. “Both realities are true.It is just that the word ‘project’ means something different for both sides,” he added. Von Amsberg said the AIIB had a strong pipeline of investments worth US$17 billion across the region, with India, Pakistan and Bangladesh among the biggest investees. AIIB is actively reaching out to more ASEAN members as it is keen to serve the entire membership. The bank has currently invested only in Indonesia and Myanmar. -- BERNAMA