Finance Minister attends annual meeting of AIIB in S. Korea


Xiao made the remarks at the Second Annual Meeting of the Board of Governors of the AIIB held here through Saturday. "This demonstrates confidence in the governance and management of the institution", said Jin, alluding to the decision to include Argentina, Madagascar and Tonga as new member states.

The attendees included over 20 Finance Ministers of the 77 approved AIIB members such as Australia, China, Georgia, India, Indonesia and Laos.

The Asian Infrastructure Investment Bank (AIIB) has become an important member of the world's multilateral development system and has injected new vitality to the development of sustainable infrastructure and connectivity, said Chinese Finance Minister Xiao Jie.

The Second Annual Meeting of the Board of Governors of the AIIB kicked off on Friday, with governors and representatives of the members, government officials, global organization officials, scholars and businessmen in attendance.

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Along with the official sessions, a variety of side events were scheduled such as seminars on infrastructure and the one-on-one business meetings.

Only 18 months after the AIIB'S launch, its membership already far outstrips that of the decades-old Asian Development Bank, led by Japan and the United States, which has 67 members.

The Jeju meeting sought to set the course for AIIB, a body established in 2014 at the behest of Beijing and considered an alternative to the International Monetary Fund and the World Bank, which are dominated by the USA and the Asian Development Bank controlled by Japan.

The China-initiated infrastructure investment bank said its Board of Governors, at the start of a three-day meeting on South Korea's Jeju Island, adopted resolutions approving the three countries' applications to join.