The increase in AIIB's Latin American members reveals the region's close relations with Asia as well as a its intention to seek bilateral bonds, AIIB Vice President Sir Danny Alexander told Xinhua Friday on the sidelines of the second annual meeting of AIIB board of governors held in the southern South Korean resort island of Jeju.
Among the 80 approved members, 75 delegations attended the AIIB's second annual meeting along with 46 officials from multilateral development banks such as the Asian Development Bank.
He hopes that the AIIB could exhibit its uniqueness and innovativeness as a 21st century development institution and inject new vitality to the existing multilateral development system, accurately comprehend the new trends of global development and better meet the diversified needs of its members, and increasingly mobilize the money from private sector to build a long-term, steady, sustainable multilateral financing system with risks under control for supporting infrastructure development.
Some say the AIIB's move toward sustainability takes aim at the US' withdrawal from the Paris climate accord. Jin said that after many rounds of discussion on the bank's energy policy, "this is the best we can achieve", adding there are no new coal projects in its pipeline of investments.
AIIB president Jin said "there's been some confusion" about the relationship between AIIB and China's huge "Belt and Road" infrastructure development and foreign policy initiative.
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The meeting's venue was chosen before a dispute between South Korea and China over Seoul's decision a year ago to host a U. anti-missile system.
To date, the AIIB has approved 2.49 billion USA dollars in financing for 16 infrastructure projects in nine countries.
South Korea joined the AIIB as one of its founding members with a 4.06 percent stake.
AIIB has about 100 staff, which some meeting attendees said limits the depth of sector expertise and leads it to rely on partners to carry the load on project assessments.
The bank, with its lean structure and highly efficient operation model, has a late-development advantage in promoting sustainable infrastructure development, mobilizing private sector capital, and effectively responding to the needs of clients, Xiao said.
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