Reported by: banking|Updated: August 14, 2018
Asian Infrastructure Investment Bank (AIIB) held its 3rd AGM in Mumbai and Banking Frontiers reported the proceedings. AIIB president Jin Liquin said much more needs to be done to ensure that the future continues to bright for all of Asia. He said solid global growth is crucial for the bank’s members to meet their objectives and an open trading system is a foundation of that global growth. He also held the view that between now and 2030, Asia investment in infrastructure must rise to $2 trillion a year, or roughly triple of what it has been in the past.
AIIB helps its members to meet an estimated $21 trillion financing gap between the region’s demand for infrastructure and available financial resources. Asian developing countries now account for 60% of global growth, while roughly two-thirds of global trade is part of value-chains passing through Asia. Yet still today, 11% of Asia’s population remains in poverty. AIIB has approved investment for projects worth over $5.3 billion since it started operations about two and a half years ago.
Jin said after Asia’s economic growth far outpaced the global average for nearly 3 decades, Asia’s economy has become a global heavyweight. Indeed, Asia is assuming leadership in new areas. Said Jin: “It is the dream for all of us Asians to live a middle-class lifestyle with good education and healthcare, a clean environment and consumer comforts. As developing countries increase their share of the world economy, they should have greater weight in the multilateral institutions,” he added.