AIIB OKs $250m loan for Beijing’s coal-to-gas project

The Asian Infrastructure Investment Bank (AIIB) has approved a $250 million loan to power up the coal-to-gas conversion project in Beijing, AIIB announced Monday.

The project will connect about 216,750 households in about 510 rural villages to the natural gas distribution network.

The project is estimated to be completed in 2021 and reduce China's coal use by about 650,000 tons annually and cut carbon dioxide emissions by 595,700 tons.

Hu Xinyi contributed to the story.