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AIIB may finance projects for North Korea, if board agrees

AIIB may finance projects for North Korea, if board agrees

He also met with South Korean Vice Prime Minister and Finance Minister Kim Dong-yeon, Indonesian Finance Minister Sri Mulyani Indrawati, and Financial Secretary of China's Hong Kong Special Administrative Region Paul Chan Mo-po on the sidelines of the meeting. 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.

Japan, a leading country of the Asian Development Bank, is not an AIIB member either.

At its launch in January 2016, it had 57 members.

"The Belt and Road is a marvelous program [.] but we have our standards", he told a Saturday news conference on the South Korean holiday island of Jeju.

The AIIB, which has 80 member countries, was set up to help meet the estimated $26 trillion need for infrastructure spending in Asia through 2030, while also demonstrating that a China-led institution can meet global standards for best practice.

South Korea's Exim Bank and Trade Insurance Corporation (K-SURE) are going to allocate €13 billion finance in total for Iranian projects.

South Korea joined the AIIB as one of its founding members with a 4.06 percent stake.

Watch IND vs PAK final live cricket match on Hotstar Online
He wants everyone to meet his high standards. "I think it will be a close match", said another. James Taylor, another former England player , believes the key is to strike early.

The meeting's venue was chosen before a dispute between South Korea and China over Seoul's decision previous year to host a USA anti-missile system.

"We appreciate the strong support provided by the Indian Government", said AIIB Vice President & Corporate Secretary, Sir Danny Alexander.

The deputy minister said South Korea planned to share its technology, experience and finance of infrastructure with other AIIB members to contribute to the environmentally-friendly economic development in Asia. India is the bank's second largest shareholder and is an increasingly important destination for AIIB investments, the bank said in a press release. "I hope all participants continue to have interest in the AIIB member states and cooperate with Korea".

The meeting in Jeju was the institution's first overseas event outside China. "This indicates the confidence in the governance and the management of this institution, and also that all of these members are very much committed to working together to improve the livelihoods of our people", Jin said.

It included a dozen seminars where different areas of investment were discussed. "To keep the economies growing on a sustainable basis while addressing environmental and climate change challenges, the bank will remain open".

The meeting in Jeju ended with three new members - Tonga, Argentina and Madagascar - joining the AIIB, bringing its number of members to 80.


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