The Asian Infrastructure Investment Bank pledged to embark on more projects as the sole lender, as it boosts its membership and Manages an investment pipeline of up to $ 7 billion.
The fledgling Development Bank, now in its second year, has already taken on projects by itself and it will do more going forward, AIIB President Jin Liqun said on Saturday in Jeju, South Korea, Following the department's second annual conference. Still, working together with other lenders is better Particularly on large infrastructure deals, he said.
Of the 16 projects approved by the AIIB since it started in January 2016, around three quarters havebeen co-Financed with other development lenders including the World Bank, the Asian Development Bank, and the European Bank for Reconstruction and Development.
The China-led lender is now stepping up Efforts to Strengthen its credibility as a partner and alternative to the Japan-led ADB and the Washington-based World Bank. China is increasingly presenting itself as a Responsible Stakeholder of the Global Financial System, with President Xi Jinping stepping into the void created by a more inward-looking US
The AIIB welcomed Argentina, Madagascar and Tonga to its club on Friday, expanding its roster to 80 from 57 inaugural members. On Thursday the Bank approved $ 324 million in loans and investment in projects in India, Georgia and Tajikistan.