Asian Infrastructure Investment Bank (AIIB) concludes its 3rd Annual Meeting on an optimistic note to raise its lending capacity to boost prosperity and security in the region

India believes in globalization and has opened its economy in every single sector

Make in India is about laying emphasis on manufacturing, not protectionism: NITI Aayog CEO

Asian Infrastructure Investment Bank (AIIB) concluded its third Annual Meeting in Mumbai, on a high note to improve connectivity within the region and in turn enable citizens in the region to reach their potential and enjoy prosperity and security.

Participating in a panel discussion during the day, Shri Amitabh Kant, Chief Executive Officer, NITI Aayog, pointed out that “Make in India is about laying emphasis on manufacturing in India, not protectionism. India believes in globalization and has opened its economy in every single sector that you can name. As a result, India has stood numerouno in terms of attracting foreign direct investment in the past three years.”

Earlier in the day, the Prime Minister Shri Narendra Modi called upon the need to deepen India’s engagement with AIIB. In his speech, Prime Minister called upon Asian Infrastructure Investment Bank (AIIB) to increase its lending to US$40 billion by 2020 and US$100 billion by 2025 from US$4 billion now.

Quantifying the infrastructure needs of Asian region,Mr JinLiqun, President, AIIB. said, “Between now and 2030, Asia’s investment in infrastructure must rise to US$2 trillion a year, or roughly triple of what it has been in the past.”

In summary, AIIB has established a strong corporate culture focused on embedding our core values of being lean, clean and green and a work-place environment free of corruption and harassment, Mr Liqun added.

The Third Annual Meeting of AIIB was attended by over 3,000 delegates from 86 member countries. The Meeting also had several concurrent sessions that discussed critical issues pertaining to environment, low carbon emissions, connectivity through railway network across borders among several others.

Infrastructure lending expansion urged to boost regional connectivity and align investments with low carbon and governance priorities. AIIB signalled a strategic intent to scale up its lending capacity to accelerate regional infrastructure development and connectivity, with member-state leadership calling for substantial increases in authorised lending. The institution reiterated governance and operational priorities to support that expansion, stressing a corporate culture of lean, clean and green operations, a workplace free of corruption and harassment, and the integration of environmental and low-carbon considerations into project selection to attract private and foreign investment.