The $100 billion Asian Infrastructure Investment Bank is rapidly taking shape. Weeks after the bank’s multilateral interim Secretariat launched its articles of agreement and recruitment procedures, the establishment process is now focused on how the China-led institution will be operated and managed.
Jin Liqun, secretary-general of the interim secretariat and China’s official president-designate of AIIB, explained Friday in a briefing session in Beijing that the infrastructure development-focused institution will follow a more business-like approach in its operations and will move away from traditional country-focused development strategies.
The former senior finance official explained that AIIB will “follow business lines like private companies” in pursuing development projects but still keeping in mind countries’ needs — despite a diversion from a more country-focused approach — by establishing a special department to accommodate these issues.
Read more stories on AIIB:
► Working at AIIB: Who's eligible and how
► AIIB nears completion but China's 'global leader' status remains in question
► AIIB is as much an opportunity as it is a challenge for the ADB
► AIIB, a chance for the World Bank to lend knowledge and expertise
► Despite critics, China's development clout continues to expand
About the author
Lean Alfred Santos@DevexLeanAS
Lean Alfred Santos is a former Devex development reporter focusing on the development community in Asia-Pacific, including major players such as the Asian Development Bank and the Asian Infrastructure Investment Bank. He previously covered Philippine and international business and economic news, sports and politics.
