The Asian Infrastructure Investment Bank (AIIB), the regional investment bank launched by China in 2015 to advance its interests, has approved over $5.3 billion in investments for projects in Asia.
AIIB President Jin Liqun said all the projects are in or connected to countries and regions along China's "Belt and Road Initiative (BRI)." Also called the Silk Road Economic Belt, BRI is an attempt by China to seize a larger role in global affairs through this China-controlled trading network.
Jin said it is rewarding to witness the many achievements of BRI. He said the initiative is increasingly attracting a great deal of attention from all stakeholders about its policies style of governance and financing standards.
"As the Chinese proverb goes, facts are more persuasive than eloquence," said Jin.
AIIB now consists of 87 member countries from the original 57. It is involved in public and private projects worth more than $30 billion. In May, AIIB, the World Bank, and four other multilateral development banks entered into an agreement to enhance cooperation under the BRI.
Jin said AIIB's performance has earned both praise and recognition from the international community. More important, AIIB is a testament to the Chinese government's firm commitment to the international community, and to deliver on its promises, said Jin.
AIIB is now working with China's Ministry of Finance, the World Bank, the European Bank for Reconstruction and Development and others to establish a cooperation center for multilateral development bank financing. Jin said this center will promote data sharing; project coordination and capacity building for BRI countries and regions.
China said BRI addresses an infrastructure gap and, therefore, has the potential to accelerate economic growth across the Asia-Pacific and Central and Eastern Europe.
