New bank to be lean, clean, green
Print Edition
CHINA and all member countries of the Asian Infrastructure Investment Bank will be committed to build a bank which will be lean, clean and green, its interim chief has said.
The US$50billion bank, expected to begin operations by the end of the year, is attracting a growing list of countries.
“Lean is cost effective; clean, this bank will have zero-tolerance on corruption; green means it’s going to promote the economy,” Jin Liqun, secretary general of the bank’s multilateral interim secretariat, told a forum in Singapore at the weekend.
The bank would not be run politically, Jin said.
“The AIIB is a bank, not a political organization or political alliance. This guaranteed it would be impossible to operate it in an untransparent way,” he said.
The Beijing-based AIIB will provide financing for roads, railways, airports and other infrastructure projects in Asia.
More than 40 countries have applied to join the AIIB, with the United States and Japan being notable absentees.
Talking about whether the growing number of members would add difficulty to the decision-making process, Long Yongtu, China’s former vice trade minister, said the more countries that joined, the stronger the foundation of the AIIB would be.
“Everything has two sides. It would pose some difficulty to the coordination of the positions and interests of all the member countries, especially many of which are at different economic level of development. But it is definitely not good news if the AIIB earned little response,” he said.
“The AIIB is not the first multi-lateral financial institution, and we have a lot of experiences to borrow,” Long added.
Jin said: “World Bank and Asian Development Bank have been operating for decades, and they have gained a lot of experiences in supporting the investment in other countries.”
The difference between the AIIB and World Bank and ADB is that it focuses exclusively on infrastructure development.
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