Multilateral bank Asian Infrastructure Investment Bank (AIIB) will invest $150 million in developing data centres that primarily serve emerging Asia.

Beijing-based AIIB, where India is a key founding member, will channelise funds through the Keppel Data Centre Fund II (KDCF II), a private equity vehicle managed by Alpha Investment Partners Limited (Alpha).

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This is AIIB’s first data centre project. Multilateral development banks have been investing in digital infrastructure in the past. Now, such investments are becoming more essential nowadays with the acceleration of 5G technology and other high-speed/supercomputing digital infrastructure due to the pandemic.

AIIB’s investment of $100 million through a parallel fund structure and $50 million through co-investments marks the final close of KDCF II. The fund is focused on strategic investments in the fast-growing data centre sector focusing on the Asia Pacific.