AIIB (Asian Infrastructure Investment Bank) news

[TaiShang]

AIIB to be run with highest standards of '21st century governance'
Xinhua | Updated: 2015-10-22 17:14

WASHINGTON - The Asian Infrastructure Investment Bank (AIIB) will be built into a new type of development bank with "21st century governance," said Jin Liqun, president-designate of the institution, on Wednesday.

"I've decided to take up this honorable job, understanding that Chinese leaders intended to create a first-class multilateral development institution with 21st century governance," said Jin at an event held by Brookings Institution, a Washington-based think tank.

"I will not have taken this job without this condition," said Jin, who has many years of experience as high-ranking officials at the World Bank and the Asian Development Bank.

Jin was appointed by the Chinese government in February 2014 to head the Working Group to establish the AIIB, which has once been widely doubted by Western countries, especially the United States.

Now, the bank has 57 prospective founding countries including several US allies and will have an authorized capital of $100 billion. It is expected to start operation by the end of this year.

Jin said the creation of the AIIB is the results of the efforts of all the prospective founding members who agreed that the governance of the institution should be measured up to "the highest possible standards," combining the merits of the existing multilateral development banks and those of the successful private sector companies.

"When you see today the results of the efforts of all the prospective founding members, a new type of development bank is taking shape, a new development bank with 21st century governance," said Jin.

Jin said depending on rigorous implementation of the governance, the AIIB will be "lean, clean and green."

To keep lean means there should be no redundant positions, said Jin. "If you allow one redundant position today there will be two, there will be three and there will be four. Once the redundancies become massive, it' s very hard for you to cut it out. So we have to be cautious of keeping lean."

Jin vowed to take a "zero tolerance" approach toward corruption in the AIIB as he has already done very successfully in the World Bank when his team managed about $40 billion.

"Under my leadership not a single staff member was involved in corruption cases. None of them was put into prison just because I implemented the anti-corruption policy. It's the implementation. It's not the policy on papers that matters. It's the way you deal with it in a very tough way. If you as a head is clean nobody dares to do it. That's the key." Jin said.

The AIIB will enjoy a "first-class top management" as the bank will have universal recruitment and universal procurement, a new feature of AIIB compared to the existing multilateral development banks and the fundamental guarantee for its success, said Jin.

"We do not reject any nationals even if their countries are not members. We do not reject professionals from the highest caliber just because their passports. We do not reject any companies to help develop infrastructure just because their countries are not members," said Jin.

Talking about the relationship between the AIIB and the World Bank, the Asian Development Bank and other existing multilateral development banks, Jin said the AIIB is not a rival to them and is cooperating with them very smoothly at present.

"Hopefully the AIIB will also be a boost to the reform process in those institutions," he added.

Jin also said the AIIB is not created exclusively for the Belt and Road Initiative, but a bank to cover all the developing countries in Asia.

"Of course some countries in the 'One Belt and One Road' area are members, we certainly should help them, but we will not neglect those countries which are not part of it," he said.

The professional teams in the AIIB are preparing for the first batch of projects which might be launched in the second quarter of 2016, Jin said.
.

AIIB will be a role model for IMF, the ADB and the likes. Talking about learning from the best... At times, student becomes a better teacher.

 

[JSCh]

Denmark signs AIIB agreement
Xinhua, October 28, 2015

China and Denmark signed an agreement over the latter's participation in the Asian Infrastructure Investment Bank (AIIB) in Beijing on Tuesday.

Denmark has signed an agreement over the participation in the Asian Infrastructure Investment Bank. [File Photo: qq.com]​

Chinese Foreign Minister Wang Yi and his Danish counterpart Kristian Jensen witnessed the signing in Beijing.

China appreciates Denmark's joining the AIIB, Wang said.

The China-initiated AIIB is a multilateral development institution tasked with financing infrastructure construction across Asia. The 60-article agreement outlines the financial share of each member, policy making, business and operational systems, and governance structure.

After signing the agreement, all of the 57 members must get the green light from their legislatures by Dec. 31, 2016, before becoming founding members of the bank.

Wang said China hopes to promote relations with the European Union and strengthen exchanges and cooperation with Denmark on global and regional issues.

Jensen said Denmark is ready to participate in the Belt and Road Initiative, support the AIIB's operation and cooperate with China on other international affairs.

Denmark will abide by the one-China policy, maintain bilateral high-level visits, and support the partnership between China and the EU, he vowed.

On Monday, Chinese State Councilor Yang Jiechi met with Jensen, who is on an official China visit from Sunday to Tuesday.

*****

3 prospective members remaining that has not yet sign.
Kuwait, Philippines and South Africa.

 

[TaiShang]

Denmark signs AIIB agreement
Xinhua, October 28, 2015

China and Denmark signed an agreement over the latter's participation in the Asian Infrastructure Investment Bank (AIIB) in Beijing on Tuesday.

Denmark has signed an agreement over the participation in the Asian Infrastructure Investment Bank. [File Photo: qq.com]​

Chinese Foreign Minister Wang Yi and his Danish counterpart Kristian Jensen witnessed the signing in Beijing.

China appreciates Denmark's joining the AIIB, Wang said.

The China-initiated AIIB is a multilateral development institution tasked with financing infrastructure construction across Asia. The 60-article agreement outlines the financial share of each member, policy making, business and operational systems, and governance structure.

After signing the agreement, all of the 57 members must get the green light from their legislatures by Dec. 31, 2016, before becoming founding members of the bank.

Wang said China hopes to promote relations with the European Union and strengthen exchanges and cooperation with Denmark on global and regional issues.

Jensen said Denmark is ready to participate in the Belt and Road Initiative, support the AIIB's operation and cooperate with China on other international affairs.

Denmark will abide by the one-China policy, maintain bilateral high-level visits, and support the partnership between China and the EU, he vowed.

On Monday, Chinese State Councilor Yang Jiechi met with Jensen, who is on an official China visit from Sunday to Tuesday.

*****

3 prospective members remaining that has not yet sign.
Kuwait, Philippines and South Africa.

December 31, 2015 is the deadline to sign the Terms of Agreement by the prospective member states, if I am not mistaken.

Looks like the process will go no smoothly and the AIIB will be on track from 2016 onwards.

 

[ahojunk]

Top legislature starts AIIB agreement ratification process
English.news.cn | 2015-10-30 21:33:02 | Editor: huaxia

BEIJING, Oct. 30 (Xinhua) -- China's top legislature on Friday began deliberating the ratification of the Asian Infrastructure Investment Bank (AIIB) agreement, which will lay the legal framework for the bank.

The China-advocated multilateral development institution is tasked with financing infrastructure construction across Asia. The 60-article agreement discussed by the legislature outlines the financial share of each founding member as well as rules on policy making, governance structure, and business and operational systems.

The AIIB will promote sustainable development of the Asian economy, create wealth and improve infrastructure connections, Finance Minister Lou Jiwei said while briefing lawmakers at the opening of the five-day bimonthly session of the National People's Congress Standing Committee.

The bank will cooperate with other multilateral and bilateral development organizations to promote regional cooperation and deal with challenges, according to Lou.

The AIIB shows that China is committed to establishing an open, just and transparent international economic governance system, and it will provide a new platform for cooperation among member states, he said.

All 57 members of the bank must ratify the agreement by Dec. 31, 2016, to become founding members.

With authorized capital of 100 billion U.S. dollars, the AIIB will invest in sectors including energy, transportation, urban construction and logistics as well as education and healthcare.

Asian members' contribution of capital is three times that of non-Asian members.

Based on the capital contribution, China holds a voting stake of around 26 percent, the highest among all members. As new members join, all founding members' shares and voting stakes will be "gradually diluted," Lou explained.

He said that Jin Liqun, president-designate of the institution and head of the working group to establish the AIIB, will be formally elected AIIB president at the first board of directors' meeting, scheduled after the formal establishment of the bank.

Jin has held positions with the World Bank and the Asian Development Bank.

The AIIB has, with reference to the common practice of multilateral development banks, set up a three-tiered structure, consisting of a board of governors, a board of directors and a management team.

Jin earlier said the AIIB will be "lean, clean and green," which means there should be no redundant positions.

Lou said the AIIB should be exempted from all taxes and tariffs and its staff salaries should also be exempted from taxation.

Though all state-backed initiatives, the AIIB, the New Development Bank for BRICS countries and the Silk Road Fund will work independently.

 

[ahojunk]

BRICS bank, AIIB well on track for start of operations
(Xinhua) Updated: 2015-10-29 09:47

BEIJING - Preparations are going smoothly for the New Development Bank (NDB) for BRICS countries, and the Asian Infrastructure Investment Bank (AIIB), officials said Wednesday.

The NDB, initiated by BRICS members -- Brazil, Russia, India, China and South Africa -- is expected to approve its first loans next April, said NDB vice president Vladimir Kazbekov at a seminar in Beijing.

The bank has already received loan applications and is hoping to issue its first loan to an energy-efficient project, Kazbekov said, noting that the bank plans to increase its staff to 100 from more than 20.

Aimed at financing infrastructure projects, mainly in BRICS countries, the NDB opened in Shanghai in July and is scheduled to start operations at the end of this year or early 2016.

Work is also going well for the multilateral AIIB, with formal operations beginning next year, said Chen Huan, who is in charge of preparations for the bank's launch.

The bank will invest in sectors like energy, transportation, urban construction and logistics as well as education and health care, according to Chen.

China is accelerating the approval process for the AIIB agreement, which will lay the legal framework for the bank, said Zheng Quan, an official with the Ministry of Finance.

With authorized capital of $100 billion, the AIIB is designed to finance infrastructure in Asia. China, India and Russia are its three largest shareholders.

 

[alaungphaya]

This thread should be cleaned up a bit and made a sticky.

 

[Echo_419]

BRICS bank, AIIB well on track for start of operations
(Xinhua) Updated: 2015-10-29 09:47

BEIJING - Preparations are going smoothly for the New Development Bank (NDB) for BRICS countries, and the Asian Infrastructure Investment Bank (AIIB), officials said Wednesday.

The NDB, initiated by BRICS members -- Brazil, Russia, India, China and South Africa -- is expected to approve its first loans next April, said NDB vice president Vladimir Kazbekov at a seminar in Beijing.

The bank has already received loan applications and is hoping to issue its first loan to an energy-efficient project, Kazbekov said, noting that the bank plans to increase its staff to 100 from more than 20.

Aimed at financing infrastructure projects, mainly in BRICS countries, the NDB opened in Shanghai in July and is scheduled to start operations at the end of this year or early 2016.

Work is also going well for the multilateral AIIB, with formal operations beginning next year, said Chen Huan, who is in charge of preparations for the bank's launch.

The bank will invest in sectors like energy, transportation, urban construction and logistics as well as education and health care, according to Chen.

China is accelerating the approval process for the AIIB agreement, which will lay the legal framework for the bank, said Zheng Quan, an official with the Ministry of Finance.

With authorized capital of $100 billion, the AIIB is designed to finance infrastructure in Asia. China, India and Russia are its three largest shareholders.

Hopefully the banks will be able to fulfill the aspirations of the developing world

 

[ahojunk]

The start of AIIB operations is getting closer by the day.....

-------------------------
China's legislature ratifies AIIB agreement
CCTV.com | 11-05-2015 00:45 BJT

BEIJING, Nov. 4 (Xinhua) -- China's top legislature on Wednesday ratified the Asian Infrastructure Investment Bank (AIIB) agreement, which establishes the legal framework for the bank.

Zhang Dejiang, chairman of the Standing Committee of the National People's Congress (NPC), presides over the closing meeting of the 17th session of the 12th NPC Standing Committee, in Beijing, capital of China, Nov. 4, 2015. (Xinhua/Huang Jingwen)

Lawmakers voted on the agreement at the closing meeting of the bimonthly session of the National People's Congress (NPC) Standing Committee. The ratification is a significant step closer to the AIIB's formal establishment, slated for the end of 2015, as China is the bank's largest shareholder.

The China-backed multilateral development institution is tasked with financing infrastructure construction across Asia.

Among the bank's 57 prospective founding members, 54 had signed the agreement as of last month, and the other three are expected to sign before the end of this year. All prospective members should have their legislatures ratify the agreement before the end of 2016 to formally become founding members.

As long as at least 10 signatories, and no less than 50 percent of the capital contribution, obtain legislative approval, the agreement will become effective, Finance Minister Lou Jiwei told lawmakers.

Lou said Myanmar, Singapore and Brunei have received legislative approval, with more than 30 percent in capital contribution.

The 60-article agreement outlines the financial share of each founding member as well as rules for policymaking, governance structure, and business and operational systems.

The AIIB will promote sustainable development of the Asian economy, create wealth and improve infrastructure connections, Lou said.

The bank will cooperate with other multilateral and bilateral development organizations to promote regional cooperation and deal with challenges, according to Lou.

The AIIB shows that China is committed to establishing an open, just and transparent international economic governance system, and it will provide a new platform for cooperation among member states, he said.

With authorized capital of 100 billion U.S. dollars, the AIIB will invest in sectors including energy, transportation, urban construction and logistics as well as education and health care.

Asian members' financial contribution is three times more than non-Asian members.

Based on the capital contribution, China holds a voting stake of around 26 percent, the highest of all members. As new members join, all founding members' shares and voting stakes will be "gradually diluted," Lou explained.

He said that Jin Liqun, president-designate of the institution and head of the working group to establish the AIIB, will be formally elected AIIB president at the first board of directors' meeting, slated for after the formal establishment of the bank.

Jin has held positions with the World Bank and the Asian Development Bank.

The AIIB has a three-tier structure -- a board of governors, a board of directors and a management team.

Jin earlier said the AIIB will be "lean, clean and green."

Lou said the AIIB should be exempted from all taxes and tariffs and the wages of its staff should also be exempted from taxation.

Though all state-backed initiatives, the AIIB, the New Development Bank for BRICS countries and the Silk Road Fund will work independently.

 

[JSCh]

Best int'l norms are not Western ones: president-designate of AIIB
2015-11-11 11:07 Xinhua Editor: Mo Hong'e

"The so-called best international standards are not Western ones. Do not confuse the two things," Jin Liqun, president-designate of the Asian Infrastructure Investment Bank (AIIB), said in London on Monday.

"We do not recognize Western criteria as the best ones. Otherwise, why did the financial crisis and the debt crisis break out in Western countries? We need to learn merits from the West, but we also need to discard their demerits," Jin told Xinhua in an interview during the Boao Forum for Asia (BFA) Financial Cooperation Conference in London.

He said the AIIB will absorb the development experience from various countries and regions, especially China's experience. "We will make a new set of guidelines, something we want to follow."

"I think the AIIB must represent the development situations of developing countries and regions. Otherwise, it does not make sense."

He said cooperation between the AIIB and other multilateral institutions will be very broad.

"The World Bank Group, the Asian Development Bank, the European Investment Bank, the European Bank for Reconstruction and Development (EBRD) and so on all want to cooperate with the AIIB. We are also willing to cooperate with them," he said.

"Other institutions will not cooperate with us if we do not reach international standards and a certain level of governance. I am proud to say that our policies are as good as others'. In some places, we are even better than them as we have absorbed their experience," he said.

Infrastructure projects often require billions of U.S. dollars. The funds are too large for an individual bank to raise. "We can share costs and spread risks by working together," said Jin.

China has applied to join the EBRD recently, drawing lots of attention.

Jin said the EBRD wanted to expand eastwards and southwards. "We and the EBRD have already cooperated in central Asia and west Asia. The two banks have lots of opportunities to work together, which can promote the Eurasia connections."

He believes institutions need to strengthen cooperation not only on specific projects, but also on policies.

Commenting on whether Taiwan can join the AIIB, Jin said there is no obstacle for Taiwan to join the AIIB. "We just need to discuss the appropriate manner for Taiwan to join (the AIIB)."

Talking about the AIIB's mechanism against internal corruption, Jin revealed the bank will set up an integrity department. "In order to prevent interest conflicts and to avoid suspicion, the head of the department cannot be Chinese if the AIIB president is a Chinese," he said.

The BFA Financial Cooperation Conference was held here on Monday, gathering more than 400 government officials, businessmen and academics from 22 Asian and European countries and regions.

 

[TaiShang]

"The so-called best international standards are not Western ones. Do not confuse the two things, Jin Liqun, president-designate of the Asian Infrastructure Investment Bank (AIIB), said in London on Monday.

Perhaps the best quote of the year.

Definitely so. One cannot have best international standards that are trade-marked to a single political entity （the West). There is no such one size fits all system that is "best" for everybody. Maybe the West should learn to apply the plurality and diversity they upheld in their domestic societies to the global society.

"We do not recognize Western criteria as the best ones. Otherwise, why did the financial crisis and the debt crisis break out in Western countries?

This is a perfect example of immanent critique. One needs to be trained in Marxist thought to know what it really means.

We need to learn merits from the West, but we also need to discard their demerits

The final touch: eclecticism, which the most important component of pragmatism. Without being eclectic, progress cannot be made and sustained.

 

[JSCh]

New Zealand Parliament passes legislation to join AIIB
Xinhua 2015-11-12 13:12

New Zealand's Parliament on Thursday passed legislation enabling the country to become a founding member of the China-led Asian Infrastructure Investment Bank (AIIB).

Finance Minister Bill English welcomed the passing of the International Finance Agreements Amendment Bill, saying the decision to join would help build and consolidate New Zealand's economic and political relationships in Asia.

"Our involvement in the negotiations to establish the bank has contributed to the emergence of a genuinely multilateral 21st Century institution with New Zealand continuing to play a useful role including advocating for good governance and high lending standards," English said in a statement.

"Asia is incredibly important to New Zealand's future. The region is full of opportunity for New Zealand and our strong ties with Asian countries mean we are well placed to take advantage of those opportunities."

The AIIB was being established to foster sustainable economic development and to promote regional cooperation and partnership and was expected to begin operation early next year.

New Zealand was the first Western developed country to join negotiations to establish the bank and signed up in June.

New Zealand's paid in capital would be around 125 million NZ dollars (82 million U.S. dollars), paid over five years.

 

[ahojunk]

AIIB will introduce anti-graft safeguards
By Zhang Chunyan (China Daily)
Updated: 2015-11-11 10:27

Jin Liqun, president-designate of the Asian Infrastructure Investment Bank

Bank's chief vows 'zero tolerance' to prevent corruption at new institution

The Asian Infrastructure Investment Bank will set up an ethics integrity department and encourage employees to reports by stamp out corruption, said Jin Liqun, president-designate of the institution.

The bank will launch its first projects in the second quarter of next year, Jin said, adding that projects will focus on electricity, transportation and water supply, as these are in high demand.

Jin vowed to take a "zero tolerance" approach to corruption in the AIIB at a conference organized by the Boao Forum for Asia in London on Monday.

"In the future we will set up an ethics integrity department to inspect corruption," Jin said, adding that the leader of the department must have a good reputation.

"In order to avoid any conflict of interest, we cannot have a Chinese be the leader of the integrity department when the bank president is a Chinese. It does not mean that Chinese officials are not good enough to be in this position, but we need to avoid skepticism."

Jin said that the president cannot fire the leader of the integrity department without providing the board with concrete justification. This is to avoid the president having absolute power; otherwise the leader of the integrity department will not to report improper behavior by the president, Jin said.

Also, employees will be encouraged to report corrupt behavior in the bank, Jin said, adding that once such an infringement is confirmed, the person responsible for it would be disciplined.

The AIIB was proposed by China two years ago and is due to launch by the year's end.

As a former Chinese vice-minister of finance and veteran of development banks such as the Asian Development Bank and the World Bank, Jin was named the inaugural president in August.

The AIIB will be built into a new type of development bank with first-class standards, Jin said. However, he said that "the best international standard" does not equal Western standards.

Taiwan's entry into AIIB was "a domestic affair", Jin said, adding that "family members" can discuss it, and it doesn't require intervention from others.

 

[LowPost]

Indian Government Approves Ratification of AIIB Articles of Agreement

The Indian Cabinet Ministers have approved the ratification of the Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB), the Indian Finance Ministry said in a statement Wednesday.
NEW DELHI (Sputnik) — On Tuesday, the Russian government approved the draft law on ratification of the AIIB Articles of Agreement.


"India is one of the major potential borrowers of AIIB resources. India is the second largest AIIB participant after China. We expect that with India's participation, AIIB will be able to get more resources for the necessary infrastructure development," the statement read.


The AIIB, an international financial institution proposed by China to invest in infrastructure projects in the Asia-Pacific region, was created in October 2014 and currently has 57 founding members.

Indian Government Approves Ratification of AIIB Articles of Agreement

 

[TaiShang]

BRICS Bank & AIIB to strengthen global financial system - Putin
Published time: 17 Nov, 2015 09:50

© Alexei Nikolskyi / Reuters

The BRICS New Development Bank and China’s Asian Infrastructure Investment Bank will contribute to the strengthening and stability of the global financial system, according to Russian President Vladimir Putin.

"Russia is actively participating in the work of the new financial institutions – the BRICS Bank and the Asian Infrastructure Investment Bank. I am sure their activities will help to develop the Asia-Pacific region and will also help to strengthen the global financial system and make it more stable," Putin wrote in an article ahead of the Asia-Pacific Economic Cooperation (APEC) summit in the Philippines.

The President added that Russia is doing its best to establish a proper business environment. Those efforts have already been acknowledged, according to Putin, as over the last four years Russia jumped 69 positions in the World Bank’s “Doing Business” rating, from the 120th place to 51st.

READ MORE: AIIB and BRICS bank not rivals but complementary – economy minister

The BRICS New Development Bank (NDB) was established by the five member states – Brazil, Russia, India, China and South Africa – in 2014. Its main goal is to promote sustainable development in BRICS countries. In July the bank opened in Shanghai with startup capital of $50 billion.

The China-led Asian Infrastructure Investment Bank (AIIB) was launched in October 2014 and has 57 countries as its founding members from Asia, Europe, Latin America, Africa and Oceania. The bank will finance infrastructure projects in the Asia-Pacific Region, such as roads, railways, and airports. China has 20.06 percent of the voting share and India 7.5 percent. Russia has the third largest stake with 5.92 percent. The initial capital of the AIIB will be $50 billion and is expected to be increased to $100 billion. The headquarters will be located in Beijing.

 

[TaiShang]

AIIB to lend up to US$15b every year, says top official
December 2, 2015

Jin Liqun, president-designate of the Asian Infrastructure Investment Bank.[Provided to China Daily]


The Asian Infrastructure Investment Bank, the new international development bank led by China, plans to lend $10 billion to $15 billion a year for the first five or six years, a top official said on Tuesday.

The new lender, which will be inaugurated later this month, plans to conduct its first board meeting next month and will support infrastructure development and connectivity in Asia, said Jin Liqun, the president-designate of the AIIB.

"The bank is neither a Chinese bank nor a bank owned by the Chinese government, but one owned by all participating countries," said Jin in Beijing on Tuesday.

Jin did not specify any priority projects for the AIIB or the countries that would be the beneficiaries of initial loans, but said around 30 countries are waiting in line for membership and this would increase the bank's capital.

"There are 50 applicants in the fray for the position of deputy head of the AIIB," said Jin, the former chairman of investment bank China International Capital Corp.

Urging European experts to join the lender, Jin said their services are necessary for the AIIB during the growth phase. Going forward, the AIIB will look to jointly fund infrastructure projects in Europe.

"The AIIB should not be limited to Asian countries, and it can only succeed if European and countries from other continents join," said Jin.

Jin, however, said that the idea of having more members is not because Asia is not up to the job, but rather the emphasis that developed countries, particularly European countries, could share their experiences in running international institutions.

"It is crazy to reject any other countries in the world and not to seek advice in running the bank, and for European countries, joining the AIIB is an opportunity to do different things and do things differently," Jin said.

The United Kingdom applied to join the AIIB as a founding member in March, and this has prompted more European countries to follow suit, he said.

Suma Chakrabarti, president of the European Bank for Reconstruction and Development, said earlier that the AIIB has important implications for EBRD as the combined strength of the two could allow them to take on much larger projects.

EBRD said it is keenly eyeing opportunities to work closely with the AIIB.

According to Jin, the US dollar would be the operating currency of the AIIB for its convenience while the bank would also take into consideration financing requests in other currencies, including the yuan.

In response to doubts and skepticism about the creation of the AIIB and whether it will compete with existing institutions, Jin said each phase of development should have a new type of modern institution to meet the needs of that time, citing examples like the Asian Development Bank set up half a century ago.

Allaying concerns and the harsh, sometimes hostile comments on what China needs to do and whether it was necessary to set up the AIIB, Jin said there is no doubt that Asia's infrastructure development will take off in the next 15 to 20 years.

"It's important to explore the possibilities of a new type of bank and a new approach to deal with the emerging economic and social development issues, as the backlog in Asia's infrastructure development has contributed to a bottleneck in social development, climate change and other serious problems," he said.

The bank has already initiated talks with other institutions, including the ADB and the World Bank, said Jin.

Cyril Muller, former director for banking and debt management in the World Bank Treasury, said in March during the Boao Forum for 2015 Asia Annual Conference that AIIB could learn from previous experience and cooperate with existing organizations.