The Asian Infrastructure Investment Bank (AIIB) has committed US$60 million to the STIC Asia Infrastructure Innovation Fund.

The fund is managed by STIC Investments, a private equity firm in South Korea, and has a target size of US$480 million. The fund will invest in small and medium-sized companies across digital infrastructure and green energy infrastructure sectors in South Asia, Southeast Asia and the Republic of Korea.

The goal of AIIB is to grow technology-enabled infrastructure innovation in developing Asian economies by mobilizing private capital. It aims to foster the adoption and development of technologies and contribute to mobilizing capital from Korean institutional investors toward developing Asia.