‘AIIB enters stage of stable dev’

LUXEMBOURG CITY, July 16 (Reuters): The Asian Infrastructure Investment Bank (AIIB) has achieved initial progress as a new-type multilateral development bank over the past three-and-a-half-year since its establishment, and entered the stage of stable development, its president Jin Liqun said.

Jin made the remarks after the AIIB concluded its fourth annual meeting in Luxembourg, with the total approved membership expanding to 100 and approved financing increasing to 8.5 billion US dollars for 46 projects in 18 member countries.

"We feel firstly, the bank has been established and its membership is continuously expanding. The task of establishing the bank and its systems has basically been finished. Secondly, the number of countries we invest in is becoming increasingly larger, yet it needs to expand further because we should not concentrate on a small number of countries. I think we may invest in more than 20 countries next year," said Jin.

Under the theme "Cooperation and Connectivity", the two-day annual meeting of AIIB opened in Luxembourg last week, for the first time outside Asia, drawing over 1,000 AIIB officials, representatives from member countries and partner institutions, business leaders leaders and experts.

The Luxembourg meeting highlighted stronger Asia-Europe cooperation and connectivity, digital connectivity, climate change, sustainable infrastructure and mobilising finance for circular economy transitions.

The meeting also served as a wonderful opportunity to display the AIIB to the Europe and promote the Asia-Europe connectivity, Jin said.

"By coming here, we can make us more familiar to the European financial, business and enterprise circles. Although it has been established for three and half years, some are still unfamiliar with the AIIB. Through the annual meeting and many panel discussions that cover a wide range of topics, people can feel the mission of the bank is strengthening the connection between Asia and Europe," said Jin.

The meeting proposed again to develop the advantages of the AIIB as a multilateral development bank, and synergise its development strategies with those of its members and with other cooperation initiatives including the Belt and Road and Asia-Europe connectivity.

Jin said the AIIB and the Belt and Road Initiative hold different forms but share common goals.

"The Belt and Road is an international platform where any country that has an interest can cooperate with others.

The AIIB is an international institution, a financial institution, which has its own way of operation. But both of them have the goal of promoting connectivity, though through different ways of operation. So I think these two initiatives can play different roles and work together to boost the economic and social development of the region," Jin added.