Asian Infrastructure Investment Bank urges global cooperation as it marks a decade of development

BEIJING: Stronger cross-border cooperation and candid dialogue are critical as the world grapples with rising geopolitical tensions and economic uncertainty, said the Asian Infrastructure Investment Bank’s (AIIB) founding president.

“When you look at the positive results of international cooperation among the multilateral institutions, I think people would be convinced that if we are faced with some of the challenges, the only solution is (to) sit down and have a frank talk, and then we come up with some of the solutions,” Jin Liqun told CNA in a wide-ranging interview on Nov 12.

Jin, who is stepping down as head of the multilateral development bank on Jan 15, also said it must adapt to emerging technologies like artificial intelligence.

The AIIB was established by Chinese President Xi Jinping in 2016. Some observers see it as China’s alternative to the World Bank and other Western-led multilateral lending institutions.

The bank, which currently has 111 approved members worldwide, finances sustainable infrastructure projects.

BUILDING WORLDWIDE CREDIBILITY

Despite growing global fragmentation and trade frictions, Jin said the AIIB has maintained “very good business relations” with American and Japanese institutions.

The United States and Japan are not members of AIIB.

“We believe we work together to promote the common good,” Jin added.

“In the context of (the fractured) geopolitical situation, I think we have all the reason to push for concerted efforts to deal with climate change and, sometimes, the challenges faced by some other countries (such as) scarcity of resources.”

These issues can always be solved if there is commitment to do so, he noted.