‘With AIIB China hopes to achieve a win-win situation for all nations’ – Rebecca Chan (sputniknews)

‘With AIIB China hopes to achieve a win-win situation for all nations’ – Rebecca Chan (sputniknews)

The China-led Asian Infrastructure Investment Bank – or AIIB – will be different from institutions like the World Bank as it has a better understanding of the developing world’s needs. That’s what AIIB’s officials said in a joint statement at the bank’s first annual meeting. The latter was held in Beijing on Sunday. The statement came after the bank approved on Saturday its first four loans for projects worth half a billion US dollars in total. The loans are aimed at power network expansion and upgrade in Bangladesh, a slum upgrade project in India, a motorway in Pakistan and road improvements in Tajikistan. AIIB’s president, Jin Liqun said: “These projects, which span the energy, urban development and transport sectors, will help to bridge the region’s critical infrastructure-financing gap and strengthen regional connectivity”. The Asian Infrastructure Investment bank was launched in Beijing last year to promote investment in Asia in transportation, energy, telecommunications and other infrastructure. Rebecca Chan, Political commentator for the 21SilkRd.

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