Jin Liqun, president-designate of the Asian Infrastructure Investment Bank. [Photo provided to China Daily]
The Asian Infrastructure Investment Bank, the new international development bank led by China, plans to lend $10 billion to $15 billion a year for the first five or six years, a top official said on Dec 1.
The new lender, which will be inaugurated later this month, plans to conduct its first board meeting next month and will support infrastructure development and connectivity in Asia, said Jin Liqun, the president-designate of the AIIB.
“The bank is neither a Chinese bank nor a bank owned by the Chinese government, but one owned by all participating countries,” said Jin in Beijing on Dec 1.
Jin did not specify any priority projects for the AIIB or the countries that would be the beneficiaries of initial loans, but said around 30 countries are waiting in line for membership and this would increase the bank’s capital.
“There are 50 applicants in the fray for the position of deputy head of the AIIB,” said Jin, the former chairman of investment bank China International Capital Corp.
Urging European experts to join the lender, Jin said their services are necessary for the AIIB during the growth phase. Going forward, the AIIB will look to jointly fund infrastructure projects in Europe.
“The AIIB should not be limited to Asian countries, and it can only succeed if European and countries from other continents join,” said Jin.
Jin, however, said that the idea of having more members is not because Asia is not up to the job, but rather the emphasis that developed countries, particularly European countries, could share their experiences in running international institutions.
“It is crazy to reject any other countries in the world and not to seek advice in running the bank, and for European countries, joining the AIIB is an opportunity to do different things and do things differently,” Jin said.
The United Kingdom applied to join the AIIB as a founding member in March, and this has prompted more European countries to follow suit, he said.