AIIB injects vitality to sustainable infrastructure development

  • AIIB injects vitality to sustainable infrastructure development

AIIB injects vitality to sustainable infrastructure development

This year's meeting is on the theme of "Sustainable Infrastructure" in recognition of the challenge Bank members face in making infrastructure investments while fulfilling ambitious environmental commitments.

Poor infrastructure in Latin American countries has led to low trade facilitation and less favorable environment for both foreign trade and capital inflow, Yang noted, adding that an AIIB membership will help improve their trade and investment environment as well as global competitiveness.

Jin also stressed that AIIB, as the "newest member of the family of multilateral financial institutions and development banks", has been working with its "sister MDBs".

President Jin Liqun and other participants pose for a commemorative photo at the AIIB 2nd Annual Board of Governors Meeting, at the International Convention Center Jeju on June 16.

Speaking to Bloomberg television on Saturday after the China-led Asian Infrastructure Investment Bank held its annual conference on a South Korean resort island, Finance Minister Kim Dong-yeon said that while there were still some "delicate issues" between the two countries, economic cooperation had been traditionally good and he looked forward to a "jump up" in relations.

The multinational lender, set up in 2016 to fund infrastructure projects in Asia, adopted resolutions accepting three new members - Tonga, Argentina and Madagascar - bringing its total approved membership to 80.

South Korean President Moon Jae-in used the meeting's opening ceremony to promote his new administration's clean energy initiatives.

Xiao attended the meeting as a Chinese governor of the bank.

"Because of that leanness, AIIB is more contributing to deals that were originated by others", said Nena Stoiljkovic, vice president for blended finance and partnerships at the World Bank's International Finance Corporation and the most senior World Bank official to attend the AIIB meeting.

"They know our advantages", Chan said. India is the bank's second largest shareholder and is an increasingly important destination for AIIB investments, the bank said in a press release. Korea has a 4.06 percent stake. "South Korea also had painful experiences like that and we are learning many lessons", Moon said.

Sessions were held to help Korean companies enter the Asian infrastructure market including forums on investments, one-on-one business meetings, seminars and exhibition on the latest technologies.

Indian Finance Minister Arun Jaitley welcomed the decision to hold the AIIB meeting in Mumbai in June 2018, saying his country would be honored to host the third event.