The China-led Asian Infrastructure Investment Bank plans to begin financing development projects in South America, Africa and the Middle East as it begins its third year of operations, the bank’s president told the South China Morning Post.
“We have quite a number of South American countries joining, and I think it will be very good for us to finance some middle-income projects in South America, bringing South America and Asia together, cutting the transaction and shipping costs between Asia and South America,” said Jin Liqun in an interview with the SCMP.
“I would also pay attention to supporting African member countries. Asia is developing quickly, but it cannot sustain itself well without collaborating closely with African countries.”
The AIIB has so far invested in 24 projects worth around $4 billion since it opened for business in January 2016.