(Yicai Global) June 28 -- The president of the Chinese-initiated Asian Infrastructure Investment Bank (AIIB) expects the lender's membership to increase to 90 states, from the current 57 founding members.
The AIIB aims to promote the strategic development of Beijing's 'One Belt, One Road' policy and expand its work to remote regions, President Jin Liqun said today at the 2016 Summer Davos Forum held in Tianjin.
Often compared with the ancient Silk Road, the 'One Belt, One Road' initiative is aimed at creating new economic links between Asia, Europe and Africa. New trade routes are opening up and infrastructure projects breaking ground as funds come online through the USD40 billion Silk Road Fund and USD100 billion AIIB.
According to Mr. Jin, projects need to meet three requirements to secure funding: sustainable on a financial level, environmentally friendly and widely acceptable to society. The AIIB will also finance projects outside Asia and support countries beyond the 'One Belt, One Road' regions.
Set up last December, the AIIB is the first multilateral global financial institution initiated by China. Its founding members include not only the BRICS countries (China, Russia, India, Brazil and South Africa), and four Group of Seven countries (Britain, France, Germany and Italy), but also Egypt, Australia and New Zealand. So far, the United States and Japan have not joined.