AIIB Only Backs Financially Sustainable, Eco-Friendly, Locally-Supported Projects, President Says

Yicai

2017-05-15

(Yicai Global) May 15 -- The Asian Infrastructure Investment Bank will not finance projects that wreck the lives or violate the human rights of local people, Jin Liqun, president of the institution, said at the Belt and Road Forum for International Cooperation in Beijing last weekend.

The bank only extends loans to projects that meet the following three requirements, he added. First, they must be financially sustainable. Second, they must be environmentally friendly. Third, they must have local support.

One Belt, One Road is a global initiative for cooperation, he said. The AIIB is an international institution and thus merely a partner of the initiative. The Asian bank is also a partner of multilateral international institutions such as the World Bank, Asian Development Bank and the European Bank for Reconstruction and Development.

“Though its establishment was proposed by Chinese leaders, the AIIB has received support from a number of countries,” Jin added, saying its number of members had increased from 53 to 77, and is set to reach 85 by the end of this year, including Hong Kong.”

Seven of its new members were approved over the weekend: Bahrain, Cyprus, Samoa, Bolivia, Chile, Greece and Romania. They will officially become AIIB members once they make their first capital deposit.

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