PM wants AIIB to focus on infra, connectivity in Asian region

The USD 100-billion AIIB should focus on development of infrastructure like rail, road and ports with a view to promoting connectivity and growth in the Asian region, Prime Minister Narendra Modi said today.
President-designate of the Asian Infrastructure Investment Bank (AIIB) Jin Liqun called on Modi here.
The Beijing-based multi-lateral lender is scheduled to commence operations later in the month.
During the meeting, Modi said the newly-created financial institution need to focus on roads, rail and ports for enhancing regional connectivity, creating climate-resilient infrastructure and clean energy initiatives for sustainable development, a PMO statement said.
Focus on infrastructure, Modi said, "would also enhance the economic development and lift millions of people out of the life of impoverishment".

Assuring India's full support to AIIB, the Prime Minister said that the multilateral institution, along with the BRICS New Development Bank, would play an instrumental role in development of infrastructure in the Asia region.

Jin, former Finance minister of China, was selected as the first president of the China-initiated multilateral lending agency which is seen as a potential rival to World Bank and Asian Development Bank.
Besides Modi, Jin also met Economic Affairs Secretary Shaktikanta Das.
"AIIB will become operational this month. Will be a good source of funding for infrastructure projects in India... Had very positive meeting with the president-designate of AIIB," Das tweeted.

The development bank was formally set up in Beijing on December 25. China has nominated its former finance minister Jin as the first president of AIIB.