Asian Infrastructure Investment Bank President Jin Liqun (left) and CEOs of multinationals at the headquarters of the bank in Beijing, June 7, 2015. (Zhang Wei/For China Daily)
Bank to approve $1.2 billion in financing this year
The first batch of investments by the Asian Infrastructure Investment Bank will be announced on June 24 during its third board meeting, said the bank's President Jin Liqun on Tuesday.
These will include the bank's solely financed projects, as well as those co-financed with the World Bank and the Asian Development Bank.
With authorized capital of $100 billion, the AIIB will invest in infrastructure, energy, transportation, urban construction, water supply and logistics as well as education, healthcare and environmental projects.
The World Bank said in a statement that the AIIB expects to approve about $1.2 billion in financing this year, with projects jointly financed by the World Bank accounting for a sizable share.
"The AIIB will also build branch offices responsible for raising capital in both international and regional financial centers such as London, New York and Frankfurt," Jin said.
Meeting with global executives from 15 companies including Royal Philips NV and Schneider Electric SA, Jin said: "The Belt and Road Initiative serves as a road map for how China will further integrate itself into the global economy－bringing new opportunities and a new future to China and every country along these developing trading routes."
Dieter Zetsche, chairman and CEO of Daimler AG, said: "I think the Belt and Road Initiative is about growing together globally and it's the best prospective vision we could have to try to deal with the conflicts in a constructive way and to build bridges."
Standard Chartered CEO Bill Winters said: "The initiative is a key factor for the development of the region. And the fact that the AIIB is supporting it so actively is critically important in terms of building infrastructure and bringing out economic opportunities. For Standard Chartered Bank, it is natural for us to participate with the AIIB and other financial institutions and clients in China to make sure we are promoting the initiative as well."
Commercial banks including the Bank of China and Industrial and Commercial Bank of China have also been active in developing businesses in countries along the Belt and Road routes.
Jin added that the AIIB would support projects under the Belt and Road Initiative in countries such as Indonesia and Pakistan. However, it was not created exclusively for this initiative.
"We would finance infrastructure projects in all emerging market economies even though they don't belong to the Belt and Road Initiative," he said.
