AIIB to invest heavily in infrastructure to interconnect Asia

ISLAMABAD: The China-led Asian Infrastructure Investment Bank (AIIB) will invest heavily in infrastructure projects that would help make Asia an interconnected region, AIIB President-designate Jin Liqun said on Wednesday.

The bank will be officially up and running by the end of this year and its first board meeting will be held in mid Jan, Jin said at the ongoing Second World Internet Conference in Wuzhen, East China’s Zhejiang province, China Daily reported.

“That marks the first step for the Asian Infrastructure Investment Bank to contribute to the construction of infrastructure facilities that would help build Asia into an interconnected region, including construction of the Internet,” Jin said.

The bank will support an international Internet governance system that is multinational, democratic and transparent, according to Jin. It will also make good use of Internet technologies in selecting infrastructure projects.

“AIIB is committed to using big data to predict all countries’ demand for infrastructure and better cater to their needs,” said Jin, adding that the bank will invest heavily in the infrastructure projects that would boost connectivity in Asia.

He lauded the role of the Internet in helping develop traditional industries. The Internet is an important infrastructure to facilitate regional interconnectivity and push forward industrial innovation and integration. The Internet-oriented new economy will activate the traditional economy. Though the traditional industry and infrastructure are indispensable, they cannot play their due role without the Internet, Jin said.

Currently the AIIB has 57 prospective founding countries and will have an authorized capital of $100 billion. At the end of June, finance ministers of the founding members gathered in Beijing to sign the AIIB agreement.

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