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AIIB to Spur Global Infrastructure Investment
   2016-01-15 07:36:33    CRIENGLISH.com      Web Editor: Guo Yan

A photo taken on Jan. 13, 2016 shows a logo carved on a stone outside the office building of the Asian Infrastructure Investment Bank (AIIB) in Beijing. Photos of the newly decorated office building were released on Jan. 13, 2016. The unveiling ceremony is scheduled to be held between Jan. 16 and 18 in Beijing. [Photo: CFP]

With the opening of the Asian Infrastructure Investment Bank drawing near, government officials and economic experts expressed confidence that the AIIB is going to play an active role in international economic governance, global financing, and regional economic cooperation.

CRI reporter Guo Yan has details.

 

Chinese Finance Ministry official Zhou Qiangwu says the Asian Infrastructure Investment Bank will benefit developing countries, as it can work with existing lenders to stimulate the current global economic governance structure.

Zhou says the AIIB will make an effort to mobilize more resources at a lower cost.

"The AIIB needs to create project pipelines as soon as possible so as to select high-quality projects with demonstrable effects once the bank starts operation. These projects should meet policy requirements and standards such as social and environmental standards; they should also match the practical needs of Asian countries; deliver both economic and social benefits; and properly balance project efficiency and quality with debt sustainability."

Liu Dongming is a senior researcher from the Chinese Academy of Social Science.

He talks more about the initial projects that the newly-established bank will focus on.

"The AIIB devotes itself to infrastructure investment, so I suppose at the beginning, the AIIB will focus on these fields: energy, transportation, and urbanization. In particular, cross-border infrastructure investment is also a key area for the AIIB."

Mark Boleat is chairman of the Policy and Resources Committee of the City of London Corporation.

The British financial expert says the AIIB provides a good opportunity for exporting his country's rich expertise and seizing a bigger market.

"But what it will be doing is adding substantial volume to the available capacity. So we would expect to see accelerated development of major infrastructure projects. Projects that might not have happened at all will happen or projects that might have happened in 20 years time happen in 5 years time."

China proposed the creation of the AIIB back in 2013 and it was formally approved last year, with 57 nations joining as prospective founding members. A ceremony to inaugurate the new lending institution will be held in Beijing on January 16th.

According to the Chinese Foreign Ministry, Chinese President Xi Jinping and Premier Li Keqiang will attend activities marking the opening of the bank on Saturday.

For CRI, I'm Guo Yan.

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