Sri Lanka Finance Minister meets India, Indonesia counterparts

Posted June 19, 2017

In addition to the delegations and MDB officials, central bankers and over 20 finance ministers attended the second annual meeting.

The fledgling development bank, now in its second year, has already taken on projects by itself and it will do more going forward, AIIB President Jin Liqun said on Saturday in Jeju, South Korea, following the institution's second annual conference.

The Second Annual Meeting of the Board of Governors of the AIIB kicked off on Friday, with governors and representatives of the members, government officials, worldwide organization officials, scholars and businessmen in attendance.

Jin's positive remarks were seen as the bank being open toward possible economic projects between the two Koreas.

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.

The attendees included over 20 Finance Ministers of the 77 approved AIIB members such as Australia, China, Georgia, India, Indonesia and Laos.

Jin emphasized long-term cooperation between the bank and South Korea as one of the major achievements of the two-day forum.

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 global development bank, South Korea's deputy finance minister said.

"The AIIB annual meeting here is meaningful in that it is the first annual meeting outside China", a finance ministry official said.

"Since launching only 18 months ago, the Bank has welcomed 23 new members from around the world", said Danny Alexander, vice president of the AIIB.

In-depth discussions about sustainable infrastructure were made at 16 sideline seminars for private sector businesses, financial institutions and academic professionals over the two days.

Nadia Radulovich, co-founder of Asia Viewers consultancy, said, "AIIB can help Argentina, which is an emerging economy in need of massive investment, to sustain economic growth". "We'll help members' transitions to a low-carbon future by helping them reach the limit under the Paris agreement".

The AIIB has pledged to use its investments to help members fulfil their commitments to the Paris climate accord, which the United States is withdrawing from under President Donald Trump. In 2015, the USA had fiercely opposed establishing the Asian version of the World Bank.

Xiao said that Chinese leaders have attached great importance to the building and management of the AIIB, while members of the bank have also held high expectations for its future development. "To keep the economies growing on a sustainable basis while addressing environmental and climate change challenges, the bank will remain open". South Korea hosted the second meeting last week.