China touts new bank’s greater understanding of developing world
BEIJING (Reuters) – The China-led Asian Infrastructure Investment Bank (AIIB) will be different from institutions like the World Bank because it has a greater understanding of the developing world’s needs, officials said on Sunday at its first annual meeting.
Chinese President Xi Jinping proposed the bank two years ago and it began operations in January, with 57 founding member countries and $100 billion in committed capital, which it plans to invest in projects across the region.
The AIIB, which intends to invest $1.2 billion this year, has said it is aiming to meet international standards of governance, though some members say there is still work to be done.
Speaking on the final day of the bank’s inaugural annual meeting, Chinese Finance Minister Lou Jiwei said the AIIB needed to establish its niche.