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China won't apply for AIIB loan in initial period

Xinhua, January 16, 2016 Adjust font size:

China won't apply for financial support from the Asian Infrastructure Investment Bank (AIIB) in its initial period, an official said on Saturday, the day the bank began operating.

"The primary goal and priorities of the AIIB are not to support domestic projects," said Shi Yaobin, Chinese vice finance minister.

Although China, the largest shareholder in the AIIB and the largest developing nation, is eligible to apply for financial support from the bank, other countries have more pressing need to upgrade their infrastructure, Shi said.

Statistics from the Asian Development Bank show that between 2010 and 2020, around 8 trillion U.S. dollars in investment will be needed in the Asia-Pacific region to improve infrastructure.

China vowed on Saturday to contribute 50 million U.S. dollars to the project preparation special fund due to be established soon to support preparation for infrastructure development projects in less developed member states.

The AIIB was proposed by President Xi Jinping in October 2013. Headquartered in Beijing, it now has 57 members. Endi