BEIJING, April 18, 2023 /PRNewswire/ — The Asian Infrastructure Investment Bank (AIIB) has clarified that its investment in Indonesia’s Mandalika Urban and Tourism Infrastructure Project (Mandalika Project) complies with environmental and social standards.
Urjit Patel, AIIB’s vice president of investment operations in South and Southeast Asia said: “Since the concerns were first raised in 2019, AIIB has shown after due diligence that the complaints were largely unrelated. with the Mandalika Project but with the nearby MotoGP circuit, which is a separate project and not funded by the AIIB.”
Patel emphasized that the Mandalika Project is designed to provide a sustainable core infrastructure to develop the South Lombok region as a tourism destination and stimulate local businesses and create employment for the community. Tourism makes a significant contribution to the country’s GDP, but requires supporting infrastructure such as roads, water and sanitation services, solid waste management, power distribution, disaster risk management, landscaping and community facilities, investments that will also benefit to the community.
Since the approval of the Mandalika Project, AIIB has closely monitored the implementation by its client, the Indonesia Tourism Development Corporation (ITDC), of the Bank’s Environmental and Social Framework.
With the support of the AIIB, ITDC has worked with the affected communities while preparing the Project to avoid, minimize and/or mitigate potential adverse impacts. The resettlement action plan for the affected local community includes the provision of larger houses for the resettlers. People affected by the project are being given the opportunity to own both the house and the land. Skills development and trainings are being provided, as well as jobs for those affected. Market lots for local vendors, micro, small and medium enterprises and community facilities within the Mandalika Special Economic Zone have been set aside as part of the scheme.
AIIB notes that the Mandalika Project, like any other infrastructure development, is a complex undertaking, but the Bank remains committed to working with its partners and stakeholders, so that all can participate and reap the benefits that the Project is anticipated to bring.
About AIIB
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is to finance Infrastructure for Tomorrow—infrastructure with sustainability at its core. We started operating in Beijing in January 2016 and have since grown to 106 approved members around the world. We are capitalized at $100 billion and rated Triple-A by the major international credit rating agencies. By working with partners, AIIB meets client needs by unlocking new capital and investing in green, technology-enabled infrastructure that promotes regional connectivity.
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