Asian Investment Bank President Jin Liqun: Practicing True Multilateralism to Make the Future of Humanity More Deterministic

2023-05-30

At present, the world economy is recovering difficultly, and the rise of unilateralism and protectionism has brought challenges to global development. As an important platform for building a community with a shared future for mankind, how can the Asian Infrastructure Investment Bank (AIIB) practice true multilateralism and promote global economic recovery and common prosperity? Faced with the further widening global development gap, what efforts has the Asian Investment Bank made in assisting the development of developing countries, especially the least developed countries? To establish an international institution, if we follow international standards, we will follow international standards. From the initial 57 founding members working together, we have grown to 106 members from six continents today. In less than eight years, the Asian Investment Bank has continued to grow and strengthen. The establishment of the Asian Investment Bank has been recognized by all parties, reflecting China's credibility, cohesion, and attractiveness, demonstrating the Chinese government's' words must be acted upon, actions must be carried out '. To establish an international institution, if it is to be operated according to international standards, it should be operated according to international standards. Jin Liqun said that regardless of which country they come from, they have a deep understanding of this when working at the Asian Investment Bank. As of now, the Asian Investment Bank has approved a total of 218 projects, with a total financing amount of over 41 billion US dollars, driving nearly 140 billion US dollars in capital, benefiting 34 members within and outside the Asian region. Jin Liqun told reporters that these projects include traditional infrastructure such as roads, railways, airports, ports, and docks, as well as digital information infrastructure such as broadband networks, as well as social infrastructure such as healthcare, health, and education. Regardless of the field of investment, the purpose is to promote local economic and social development and improve the lives of local people. As a result, the AIIB has received widespread praise from the international community. "This year, we will focus on the construction of green infrastructure, regional cooperation and connectivity, science and technology enabled infrastructure and other fields to drive more private capital to support the sustainable economic development of developing members." Jin Liqun said. The Asian Investment Bank is willing to listen to the voices of developing countries. The multiple challenges facing the world have brought huge impacts to many developing countries, and the global development gap has further widened. Faced with the global challenges facing humanity, the solutions we need must shift towards sustained global economic integration and firm multilateralism principles. The AIIB is dutifully committed to providing support for the sustainable development of its members, "said Jin Liqun. In recent years, the AIIB has expanded the scale of the "COVID-19 Crisis Recovery Fund" for three times according to the needs of its members, and on this basis, it has explored the establishment of a "standing mechanism for crisis response" to provide more rapid and effective rescue support to its members. In addition, the Asian Investment Bank has also established a new "low-income country special fund window" to help low-income members improve project preparation and execution capabilities, and reduce financing costs. Jin Liqun said that although the investment focus of the Asian Investment Bank is in Asia, it also focuses on the development needs of members in regions such as Africa, Latin America, and Central and Eastern Europe. Asia cannot be isolated, it needs to maintain connectivity with other regions, promote trade and investment, and achieve common development. Only in this way can Asia become more dynamic. In 2022, the Asian Investment Bank increased its financing support for foreign members, and the first Brazilian project and the first Cotdiva project were successively approved.

Edit:He Chuanning    Responsible editor:Su Suiyue

Source:Xinhua

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