AIIB should promote more global infrastructure projects: Xi Jinping

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BEIJING: Chinese President Xi Jinping said on Tuesday that the Asian Infrastructure Investment Bank should promote more infrastructure development around the world, increasing its membership from 57 to 102, spread across continents.
Beijing-based Asian Infrastructure Investment Bank (AIIB), Launched in 2016, is a multilateral development bank aimed at supporting the construction of infrastructure in the Asia-Pacific region.
China is the largest shareholder of the bank with 26.06 percent voting rights. India is the second largest shareholder with 7.5 percent Russia Germany at 5.93 percent and Germany at 4.5 percent.
Xi said in his address, “We aim for development for all and make AIIB a new type of multilateral development bank promoting growth around the world.”
“For developing countries together, infrastructure connectivity serves as an important physical base. AIIB needs to meet the development needs of all its members and provide both traditional and new types of high quality, low cost and sustainable Must be committed to providing investment. Infrastructure. This will give new impetus to economic and social development in Asia and beyond, “he said.
Xi said, “The AIIB” initiative is designed to develop infrastructure and connectivity in Asia and deepen regional cooperation for shared development.
He said the bank “got off to a good start”. “Of the 57 founding members today, membership of 102 (countries) spread across six continents of Asia, Europe, Africa, North America, South America and OceaniaAIIB has grown from strength to strength and provides approximately 20 billion USD in infrastructure investment to its members. ”
AIIB, which has Indian DJ Pandian, last month approved a loan of US $ 750 million to India to aid the government’s response to the COVID-19 epidemic.
Co-financed with the Asian Development Bank, budgetary support will go towards increasing funding for businesses, including for the informal sector, expanding social safety nets for the needy and strengthening the nation’s health care systems, one from the bank The press release states.
India has the total sovereign debt of AIIB which has already approved an amount of US $ 3.06 billion.

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