The Asian Infrastructure Investment Bank (AIIB) is celebrating its first decade of operations,marking a period of significant investment in infrastructure projects across Asia adn beyond. Since its inception, the bank has committed over US$60 billion to various projects, including crucial support for healthcare systems during the Covid-19 pandemic.

Jin Liqun, president and chair of the board of directors at the AIIB, reflected on the bank’s journey since its establishment in 2016.”In 2014 and 2015, the first two years when the bank was being conceptualised, we had 57 founding members working together to set it up,” Jin stated. “The basic idea was that development is a huge challenge, and while existing multilateral development banks (MDBs) have been doing wonderful things, there are still lots of things that have to be done. The idea was to create a new bank and to fill the gap, supplementing the efforts of existing institutions in promoting sustainable development in our member countries.”

Jin, a veteran of international finance, was among the first Chinese officials to gain direct experience in international finance in the 1980s, serving as alternate executive director for China at the World Bank. His career also includes senior roles at the Asian Development Bank (ADB), China International Capital Corporation Limited, and China Investment Corporation, as well as nearly two decades at China’s Ministry of Finance, where he rose to the position of vice-minister.

addressing Asia’s Infrastructure gap

“We have financed over US$60 billion in infrastructure,including support for the healthcare system during the Covid-19 pandemic.”

The AIIB’s focus remains on addressing the substantial infrastructure needs of Asian countries. “The infrastructure needs of Asian countries have been estimated at around three to four trillion US dollars per year – a massive funding gap,” Jin noted. “No single MDB can fill this gap; it is simply not possible.”

The bank’s investments span both physical and digital infrastructure, wiht a strong emphasis on projects that combat climate change. this commitment aligns with the AIIB’s mandate to promote sustainable development and support its member countries in achieving their economic and social goals.