AIIB approves first loans for projects in four countries

“AIIB should learn from the experience of other multilateral agencies and forge close partnership with the World Bank, Asian Development Bank and other institutions”, the Chinese vice premier Zhang Gaoli said at the opening ceremony for AIIB’s meeting.

Asian Infrastructure and Investment Bank has approved 100 million dollars loan for Pakistan to complete a motorway project. And in reaction to concern that China, its greatest backer, will control, the AIIB said it solutions to all its investors.

He also said the decision by Britain to exit the European Union would not affect the AIIB’s development. He said it would look for possible “green infrastructure” projects. Jaitley has said New Delhi is looking to the AIIB as a possible source of financing for infrastructure projects.

Earlier on Saturday, attending the meet of AIIB, Jaitley said: “India has undertaken reforms in FDI (Foreign Direct Investment) and initiated large investments in rural infrastructure, national highway, inland waterways, shipping, power sector and smart cities”.

He also held a bilateral meeting with AIIB President Jin Liqun.

“Next year’s annual meeting hosted by Korea will serve as an occasion to let the worldwide community know that the bank has grown into a well-established global multilateral development bank”, Yoo said in a separate speech.

“The AIIB has a chance to get right what other development banks have repeatedly gotten wrong by ensuring that its operations won’t undermine human rights”, said Jessica Evans, senior worldwide financial institutions advocate at Human Rights Watch. The bridge is expected to be completed by December 2020.

The Banks Vice President and Chief Investment Officer, DJ Pandian, welcomed the new investments noting, The Bank places tremendous importance on ensuring that its investments lead to positive results and measureable outcomes for its clients and will improve the lives of the millions of people in the different regions of Asia. “Exactly what impresses me is the efficiency they tackle things”.

The total of 81 member nations would surpass the 67 members of the Asian Development Bank, which is led by Japan and the United States. It is most likely to be sustainable.

The bank’s lean operation and flexibility as a new organization was a positive for the European Bank for Reconstruction and Development (EBRD), which is partnering on one of AIIB’s first deals. “We will prioritize sound “green” infrastructure investments, promoting energy efficiency, renewables, clean transport and other projects that help reduce global warming”, he added.