Finance Minister attends annual meeting of AIIB in S. Korea

Eloi Lecerf
Junho 19, 2017

The bank, with its lean structure and highly efficient operation model, has a late-development advantage in promoting sustainable infrastructure development, mobilizing private sector capital, and effectively responding to the needs of clients, Xiao said.

On Friday, the bank's board of governors adopted resolutions approving three applicants to join the bank: Tonga, Argentina and Madagascar.

"We will not consider proposals if we are concerned about the environmental and reputational impact", AIIB president Jin Liqun, a former vice-president at the ADB, said at the opening ceremony last Friday. The Latin American members include the region's major economies. It also declined to join the institution.

Founded in January 2016, the AIIB has so far approved loans for 16 infrastructure projects in nine countries, totaling $2.49 billion. Membership of the ADB is now at 64.

The first AIIB annual gathering was held in Beijing in 2016, and the third meeting will be held in Mumbai, India, in June 2018.

India is the Bank's second largest shareholder and is becoming an increasingly important geography for AIIB investments.

China has a 32.33 percent stake in the bank, followed by India (9.08 percent) and Russian Federation (7.09 percent).

"As a nonmember state, we have no reason to attend the meeting", a Japanese government source said. It expects that to reach about US$4 billion by the end of this year.

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The meeting in Jeju was the institution's first overseas event outside China.

The Second Annual Meeting of the Board of Governors of the AIIB kicked off on Friday, with governors and representatives of the members, government officials, global organization officials, scholars and businessmen in attendance.

Along with the official sessions, a variety of side events were scheduled such as seminars on infrastructure and the one-on-one business meetings.

The Korea Land and Housing Corporation showcased a Korean version of a smart city and the Korea Expressway Corporation and Korea Railroad Corporation introduced technologies related to highways and high-speed railways. "I hope all participants continue to have interest in the AIIB member states and cooperate with Korea".

"I think the jury is still out", she said.

At the dinner, violinist Shin Ji-ah, girl group AOA and others performed.

Kim, 60, who was a civil servant for about 30 years through 2014 before becoming president of Ajou University, was appointed finance minister by President Moon on June 9.

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