AIIB to play unique and irreplaceable role

Jin Liqun, president-designate of the Asian Infrastructure Investment Bank, has made it clear that AIIB is not a bank set up especially for Chinese enterprises.

Jin said that all projects funded by the AIIB will go through an open international application process, which will be a fair competition and not offer any special treatment to Chinese enterprises.

Jin was addressing the China (Suzhou) Outbound Investment and Services Forum, held in Suzhou, Jiangsu province, on Tuesday.

The bank has two key features that will ensure the AIIB is an international lender with lasting vitality, he said. First, all projects that receive financing from the bank will do so through competitive bidding. Second, the AIIB will have staff from around the world.

At present, many Chinese State-owned companies have great performance in bidding for projects funded by the World Bank, the Asian Development Bank and European Bank for Reconstruction and Development.

But Jin said the AIIB will welcome both State-owned enterprises and privately owned enterprises to apply for funds.

The establishment of the bank demonstrates that China is able to establish an international institution that has the trust of the international community.

"We are confident and have the ability to insure the bank will play an important, unique and irreplaceable role in the 21st century and even beyond," Jin said, adding that the AIIB is not a threat to the World Bank.

In the next 10 years, infrastructure construction in Asia needs $10 trillion in funding. It is impossible for the AIIB to meet this need on its own.

"But we can at least open up a new model and propose a new concept to allow international multilateral institutions to serve Asian countries more effectively. The core concept of the AIIB is a highly capable, clean and green bank."

The bank will never be overstaffed and have zero tolerance to corruption, he said.

(China Daily 12/18/2015 page20)