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China-backed AIIB to maintain prudent approach to financing: president

Kitco News

DUBAI (Reuters) - The Beijing-backed Asian Infrastructure Investment Bank (AIIB) will maintain a prudent approach as it finances more projects, its president said on Monday.

The AIIB aims to finance projects worth about $4 billion this year, about 20 percent more than the $3.3 billion it financed in 2018.

“We expect to do more this year and beyond but I am not into rushing. I want to move forward on the basis of prudence and the basis of a meticulous feasibility study.” Jin Liqun told Reuters in an interview in Dubai.

“Quantity is important ... but quality is the most important thing,” he said.

The AIIB, which has 93 member countries, was set up to help meet Asia’s infrastructure needs, while also demonstrating that a China-led institution can meet international standards for best practice.

It has financed $7.5 billion in projects since it launched in 2016, mostly in Asia but also in countries such as Egypt.

The development bank will focus on financing projects in Asia this year, Jin said, adding that the AIIB wanted to “prioritize efforts” in Pakistan, where it has already financed several projects.

He also said the AIIB was interested in working with the Gulf Cooperation Council (GCC) countries — Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain and Oman — and Jordan, where it has already financed projects.

Jin, who is attending the World Government Summit in Dubai this week, said he met with UAE Deputy Prime Minister Sheikh Mansour bin Zayed al-Nahyan earlier on Monday.

“I reaffirmed my commitment to working with the UAE, with Saudi, with Oman, with Jordan,” he said of his meeting with Sheikh Mansour.

Writing by Alexander Cornwell; Editing by Catherine Evans

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