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19 June, 2017 00:00 00 AM / LAST MODIFIED: 18 June, 2017 10:10:05 PM
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‘AIIB wins achievements in short time despite challenges’

Xinhua

The China- initiated Asian Infrastructure Investment Bank (AIIB) won achievements in a short time of just one and a half years despite challenges facing the international development bank, South Korea’s deputy finance minister said, reports Xinhua.
“AIIB already generated achievements in one and a half years of its establishment,” Song In-chang, deputy minister for international affairs at South Korea’s Ministry of Strategy and Finance, told the news agency Saturday on the sidelines of the AIIB’s annual meeting.
The second annual meeting of the AIIB’s board of governors lasted for two days through Saturday in South Korea’s southern resort island of Jeju.
The first meeting was held in Beijing last year. The third annual meeting was scheduled to be held in India in June 2018.
The AIIB, officially launched in January 2016, is a multilateral development bank initiated by China and supported by a wide range of countries and regions, which provides financing for infrastructure improvement in Asia.
The deputy minister said the 18-month-old AIIB achieved what other multilateral development banks (MDBs) took four to five years to achieve.
To date, the AIIB has approved 2.49 billion US dollars in financing for 16 infrastructure projects in nine countries. Twelve of the projects were co-financed, while four were standalone projects prepared by the bank.
“AIIB’s progress is very fast. AIIB President Jin Liqun did well,” said Song.
Despite the lack of experience of the newest international financial institution, Song said the AIIB has an advantage of making a fast decision by the decision-making body.
He said the South Korean government will actively support corporate infrastructure projects linked to the AIIB by creating a firm networking with AIIB officials.
Meanwhile, Song held a separate press conference with local reporters on Saturday, saying South Korea’s hosting of the AIIB’s first annual meeting outside the Beijing headquarters had a great meaning to the country.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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