AIIB insists on development principle of "quality first": president

The Asian Infrastructure Investment Bank (AIIB) holds the development principle of "quality first" instead of blindly pursuing high indexes, the head of the international bank told Xinhua recently.

AIIB President Jin Liqun gestures prior to the 4th annual meeting of the Asian Infrastructure Investment Bank (AIIB) at the European Convention Centre in Luxembourg, July 12, 2019. [File photo: EPA/Sascha Steinbach]

The AIIB must take three factors into consideration when assessing investment goals: financial sustainability, ecological sustainability and whether the investment projects can improve living standards, AIIB President Jin Liqun said.

"We offer loans to our members in order to help them develop their economies, but not trap them into a debt crisis," Jin said.

China has set a good example of strictly managing fund flows, preventing corruption and ensuring quality and a schedule of infrastructure projects, providing reference experience to others, he said.

Jin made the remarks after the fourth annual meeting of the AIIB's Board of Governors was concluded in Luxembourg on Saturday. During the meeting, the AIIB expanded its membership to 100 with the approval of the African newcomers of Benin, Djibouti and Rwanda.

The China-initiated multilateral financial institution began operation in January 2016 with 57 founding members, with an agenda focused on supporting sustainable development through infrastructure and other productive sectors in Asia and beyond.