Pakistan Welcomes Idea Of Expanding AIIB

Beijing: Pakistan has welcomed the idea of expanding the Asian Infrastructure Investment Bank (AIIB) and has hoped that this would lead to boosting infrastructure network for common development in regional countries. The Pakistan Embassy said that China’s led bank has given strong support to member countries to improve the living conditions of the people.

Pakistan is one of the founding members of the bank and has supported China’s stance on cooperative partnership in the banking sector. AIIB would be reviewing 30 membership applications beginning in September and the bank would have 90 members by the start of 2017 which would be outstripping the members of US and Japan led development banks.

Jin Liqun said that, “China-initiated AIIB to absorb the experience of current multilateral banks. However, we don’t want to clone them, but rather innovate and expand on them.” AIIB is initiating cooperation with private capital on pension and commercial insurance which would foster the role of private sector in public affairs. The banking is also developing new financial instruments to build a flexible and efficient investment system. Jin added that, “AIIB upholds its universal procurement procedures and gives players from all countries a fair appraisal when bidding for contracts.”

The institution plans to start projects in many fields which includes communication, logistics, energy, electricity and transport. New projects and intelligent upgrades would also be considered by the bank said Jin. AIIB approved 165 million dollars in June on loads for a project in Bangladesh which are the first batch of loans the county got from the China led development bank.

AIIB was launched in December 2015 which aims to support construction of infrastructure in the Asia-Pacific region. There are 57 founding members of the bank which includes the BRICS countries (China, Russia, India, Brazil and South Africa), four Group of Seven countries (Britain, Germany, France and Italy) and also Egypt, Australia and New Zealand. USA and Japan have not joined as members so far.