China has taken an initiative to set up an 'Asian Infrastructure Investment Bank (AIIB)' involving Bangladesh, India and other Asian countries to finance the big infrastructure projects aimed at improving connectivity among the Asian countries, reports BSS.
A decision in this regard is expected to be finalised at the meeting of the heads of the working group to be held in Beijing immediately after the two-day conference beginning on June 28 on 'Infrastructure Connectivity in Asia-the Financing Challenge', according to a message received from Beijing.
According to sources, the AIIB will function like the World Bank and the ADB and prepare procurement guidelines of its own to finance particularly the infrastructure projects which would establish greater connectivity among the Asian countries.
Nearly 150 officials and scholars from 48 Asian countries, the US, Russia, Australia and New Zealand, are expected to attend the conference to be organised jointly by Boao Forum for Asia (BFA), the Global Foundation of Australia, China Centre for International Economic Exchanges and the Dongcheng District Government of Beijing.
"The conference will formally invite the heads of working group for establishment of "Asian Infrastructure Investment Bank," said founder member of BFA Syed Abul Hossain who will moderate a session on 'Infrastructure Connectivity in Asia: Vision, Planning and Constraints' at the conference. The former minister said the working group will sit for a meeting to discuss mainly the establishment of AIIB and the countries will be invited to join the initiative for setting up an infrastructural connectivity among the Asian countries.
"Definitely Bangladesh will be invited to join the initiative for setting up AIIB as it is strategically important for establishing a greater infrastructural connectivity, particularly among the South Asian nations," he said.
Move to set up WB like bank to boost connectivity in Asia
FE Team | Published: June 25, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
Share if you like