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AIIB looks forward to promoting infrastructure in Myanmar: president

Xinhua, October 25, 2016 Adjust font size:

President of the Asian Infrastructure Investment Bank (AIIB) Jin Liqun said here on Tuesday that the AIIB is looking forward to promoting infrastructure in Myanmar.

A delegation from the AIIB led by Jin Liqun is visiting Myanmar.

Speaking to the press in Nay Pyi Taw after meeting with Myanmar State Counselor Aung San Suu Kyi, the president said that it is very important for the new government to push forward the peace process and promote economic development in the country.

Only by achieving national reconciliation can Myanmar promote economic development and only economic development can help people understand how important the political stability is, he said.

He pointed out that the AIIB is a new bank mainly focusing on investment and infrastructure to promote a broad-based economic and social development by reducing poverty .

Myanmar is one of the 57 founding members of the AIIB.

Noting that Myanmar is suffering shortage of electric power supply and lacking of infrastructure such as railway, highway, particularly subway, Jin believed that the country can develop its economy by cooperating with other ASEAN (the Association of Southeast Asian Nations) countries in developing deep seaport, power transmission and distribution.

On China's Belt and road Initiative, the AIIB president said all the programs within the framework of the initiative are for the purpose of promoting connectivity. He stressed that the regional conductivity is important for the economic integration and the AIIB would help connectivity among its members.

Noting that the regional connectivity projects in Myanmar would benefit all neighboring countries, Jin said the infrastructural development in the neighboring countries can also help Myanmar develop, and that the regional integration would play a big role in promoting economy and development.

The AIIB president pledged to work with the Myanmar government and provide resources to the country to finance related projects.

When asked by Xinhua, Jin revealed that during the nine-month operation period since January, the AIIB had approved loans amounting to 500 million U.S. dollars for power, housing, transportation in four countries. In a meeting in September, the AIIB approved another project worth 300 million U.S. dollars, which includes Myanmar's Mingyan project.

The AIIB was formally established on Dec. 25 , 2015 with its headquarters in Beijing. Endit