S. Korean official: AIIB made strides in short time despite challenges

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The China-initiated Asian Infrastructure Investment Bank (AIIB) has accomplished remarkable progress in a short period of time despite challenges facing the international development bank, South Korea's deputy finance minister said.

"AIIB already generated achievements in one and a half years of its establishment," Song In-chang, vice minister for international affairs at South Korea's Ministry of Strategy and Finance, told media on the sidelines of the AIIB's annual meeting on Saturday.

Song said the 18-months-old AIIB achieved what other multilateral development banks (MDBs) took four to five years to attain.

Xinhua Photo

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 independent projects launched by the bank.

"AIIB's progress is very fast. AIIB President Jin Liqun did well," said Song.

He pointed out that the AIIB has an advantage of making fast decisions by the decision-making body, despite its nascence.

The South Korean government will actively support corporate infrastructure projects linked to the AIIB by forging connections with AIIB officials, he said.

VCG Photo

South Korea is the fifth biggest shareholder of the AIIB which owns about 100 billion US dollars of subscribed capital, including some 20 billion dollars in paid-in capital.

The official said South Korea plans to share its technology, experience and finance of infrastructure with other AIIB members to contribute to the environmentally-friendly economic development in Asia.

The second annual meeting of the AIIB's board of governors concluded on Saturday in South Korea's southern resort island of Jeju. The first meeting was held in Beijing last year. The third annual meeting will take place in India in June 2018.

(Source: Xinhua)

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