BEIJING: The proposed Asian Infrastructure Investment Bank will provide a new financing channel for developing nations in the Asia-Pacific region, an official said on Sunday.
Funds from the Asian Development Bank and the World Bank are far from satisfying the appetite for new infrastructure, Jin Liqun, head of the bank’s preparatory group under China’s Ministry of Finance, said at a forum.
The bank will provide a new financing channel for developing nations, especially low-income ones, Jin said.
In October 2013 during a visit to Indonesia, Chinese President Xi Jinping proposed an Asian Infrastructure Investment Bank to promote integration.
China has held three rounds of talks with interested Asian countries, and an memo on setting up the bank is due to be signed this autumn.
“We have confidence that we can build a bank up to high international standards, and will do our best in project evaluation, environment protection, local culture conservation, promoting continuous economic growth and improving people’s livelihood,” Jin said.