aiib should become platform for cooperation between us chinabank chief
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

AIIB should become platform for cooperation between US, China -- bank chief

Egypt Today, egypt today

Egypt Today, egypt today AIIB should become platform for cooperation between US, China -- bank chief

the Asian Infrastructure Investment Bank (AIIB)
Washington - Arab Today

As a new multilateral international institution focusing exclusively on infrastructure, the Asian Infrastructure Investment Bank (AIIB) should become a platform for cooperation between China and the United States, Jin Liqun, president of the AIIB, said on Monday.
NEW DEVELOPMENT BANK ON INFRASTRUCTURE
In a speech at the Atlantic Council, a Washington-based think tank, Jin said there was a lot of skepticism in the United States and Europe when China initiated the idea of the AIIB about three years ago.
Since then he has reached out to the White House, the State Department, and U.S. think tanks for a number of times to explain this idea, and now they have finally realized that the AIIB is a new multilateral development bank, which focuses exclusively on infrastructure, according to Jin.
"We just want to establish a bank which can deal with these shortfalls of financing for infrastructure investment in Asia and all of the borrowing countries in the future," he said.
Citing China's experience over the last four decades, Jin said China had borrowed from the World Bank, the Asian Development Bank (ADB) and international capital markets to invest extensively in infrastructure from the 1980s through the mid-1990s, which laid the foundation for China's economic take-off.
"Given this experience, China believed that to promote broad-based economic and social development through investment in infrastructure and other productive sectors is really important," he said.
With authorized capital of 100 billion U.S. dollars, the bank aims to provide financing to address daunting infrastructure needs across Asia and promote economic development in the region.
PLATFORM FOR CHINA-U.S. COOPERATION
"This time I did have an opportunity to meet some of the officials in the new government," Jin said of his visit to Washington. His conversations with the Trump administration focused on how U.S. companies and the AIIB can work together to achieve a win-win situation, he added.
Jin said he has also engaged with some U.S. financial institutions, manufacturers and consulting firms and asked them to work with the bank.
It's not clear whether the Trump administration has expressed interest in joining the AIIB, but Jin said he would work with the United States on its membership.
Since the very beginning, the Chinese government has held the view that it would be a good thing if the United States, the world's the largest economy, was to join the bank.
"It should be the platform for cooperation between these two countries," said Jin.
UNIVERSAL RECRUITMENT, UNIVERSAL PROCUREMENT
Jin said he was proud that the AIIB has two features that the established banks don't claim: universal recruitment and universal procurement.
"The existing institutions only recruit nationals whose countries are the members. We recruit everyone from across the world," he said, noting the AIIB has recruited American employees although the United States is not a member of the bank.
"We don't look at your passports. We look at your track record, professional and ethical integrity," he said.
Universal procurement means any country, whether a member of the bank or not, can compete for contracts of the bank through open competitive bidding processes, Jin explained.
"Japan and the United States are not members yet, but their companies will be treated equally and fairly if they are interested in bidding," he said.
"So we claim these two major features. It's truly a multilateral international institution by the highest possible standards," Jin said.
EARNING CREDIBILITY BY PERFORMANCE
Jin said the AIIB approved loans worth 1.73 billion U.S. dollars covering quite a number of sectors, particularly pushing for green economy, in the first year in operation.
About 25 percent of the lending programs were prepared by the bank's own professional staff, while 75 percent were co-financing programs with the World Bank, the ADB, and other development banks, he said.
The bank's total approved membership has been expanded to 70 and there could be a total of 85 members across the world by the end of this year, according to Jin.
"Credibility has to be earned through not what you talking about but what you doing by your performance," he said. Canada and some other countries decided to join the bank after eight month of the bank's operation, which Jin believed is a vote of confidence.
"We know what we are doing is the right course of action, because we intend to work with all participating countries to promote broad-based economic and social development in Asia and in other emerging market economies across the world," the bank chief concluded.

Source: Xinhua 

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

aiib should become platform for cooperation between us chinabank chief aiib should become platform for cooperation between us chinabank chief



GMT 09:45 2021 Friday ,21 May

test

GMT 12:12 2012 Sunday ,15 July

Sunita Williams goes on second trip to space

GMT 15:29 2011 Wednesday ,13 July

Director of National Museum of Iran dismissed

GMT 11:26 2017 Monday ,28 August

Bahrain congratulates Iraq on Tal Afar liberation

GMT 21:36 2017 Friday ,06 January

Kohli takes over India ODI, T20 captaincy

GMT 08:55 2017 Friday ,25 August

Haj medical team ready to serve pilgrims

GMT 07:13 2015 Tuesday ,28 April

Elvis's planes staying put at Graceland

GMT 07:51 2016 Thursday ,13 October

Pentagon: US strikes Huthi rebel targets in Yemen

GMT 12:58 2017 Monday ,25 December

More than 30 bodies found in burnt Philippine mall

GMT 23:33 2011 Monday ,19 September

Neymar quells rumours: He is staying put

GMT 21:31 2012 Wednesday ,18 July

Baseball: Texas 6 Oakland 1

GMT 11:19 2011 Thursday ,06 October

GCC ministers of culture kick off meeting

GMT 11:05 2011 Tuesday ,09 August

Minister of culture inaugurates al-markhiya

GMT 13:20 2018 Sunday ,09 September

Earthquake strikes south of Dhahran Al-Janoub City

GMT 11:58 2016 Friday ,16 September

Ballon d'Or deal between France Football and FIFA ends

GMT 01:09 2012 Tuesday ,10 July

Zambia women walk long way for maternal shelters

GMT 09:13 2011 Friday ,08 July

EU clears Rio Tinto\'s sale of leading talc

GMT 08:04 2011 Sunday ,03 July

Awards designed to encourage innovation

GMT 13:33 2011 Friday ,02 December

From hero to villain-Prince Boateng

GMT 13:06 2016 Friday ,21 October

India agrees to trial DRS for England Tests

GMT 09:18 2016 Wednesday ,05 October

China, Qatar seek 2018 World Cup boost

GMT 11:40 2014 Monday ,24 February

Renault to launch electric \'Twizy\' in Middle East

GMT 16:32 2011 Tuesday ,20 September

Horn migrants beaten, deported, imprisoned

GMT 08:32 2014 Thursday ,02 January

Big Bang star Cuoco marries tennis pro
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday