China, SKorea put missile rift on hold to join AIIB meeting

AIIB membership to reach 80 with entry of Argentina, Madagascar, Tonga
Asian Infrastructure Investment Bank offers $114m to Georgia

21 June, 2017

The Asian Infrastructure Development Bank will invest Rs 114 billion in infrastructure development in Nepal, says Finance Minister Gyanendra Bahadur Karki.

This was the decision of the AIIB's board of governors following the successful second meeting hosted by South Korea in the southern resort island of Jeju.

Argentine President Mauricio Macri had already praised the AIIB during his China trip in May at the Belt and Road Forum for International Cooperation held, saying the bank serves as a good bond with China in pushing common development, enabling promotion of its infrastructure construction and exchanges.

South Korea and the USA say the system is needed to deter a possible North Korean attack but Beijing sees it as a threat to its own security because its radar can peer deep into northeastern China.

North Korea's Pyongyang's Committee for the Peaceful Reunification of Korea said this week Seoul has not taken action to "resolve the sharp military tensions on the Korean peninsula".

The attendees included over 20 finance ministers of the 77 approved AIIB members, such as Australia, China, Georgia, India, Indonesia and Laos, according to South Korea's finance ministry.

"So far infrastructure investment has contributed to economic growth in each country, but it has also damaged natural environments in the process".

The AIIB welcomed Argentina, Madagascar and Tonga to its club on Friday, expanding its roster to 80 from 57 inaugural members.

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The AIIB senior official added that the institution will be open to all countries willing to join it.

The bank began operations 18 months ago and has approved US$2.5 billion in loans. India is the bank's second largest shareholder and is an increasingly important destination for AIIB investments, the bank said in a press release. In his debut speech at an global conference, Moon said South Korea will sharply increase its reliance on renewable energy to 20 percent by 2030 from about 5 percent in 2015.

The first AIIB meeting of the board of governors was held in Beijing in 2016.

"We appreciate the strong support provided by the Indian government" said Alexander.

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

The AIIB has pledged to use its investments to help members fulfill their commitments to the Paris climate accord, which the United States is withdrawing from under President Donald Trump.

"We are committed to the principles of sustainable development in the conceptualization, design, and implementation of our investments", Jin said at the annual meeting.

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