Korea Promises $8 Mln Donation for AIIB Fund

Lee Dong-geol chairman and CEO of the Korea Development Bank

Lee Dong-geol chairman and CEO of the Korea Development Bank

"This round of approved applicants includes one regional and two non-regional prospective members", the bank's statement read.

Finance Minister Kim Dong-yeon also said the Asian Infrastructure Investment Bank (AIIB) should come up with a comprehensive strategy for investments to stay on the path of progress.

It's here on this handsome island of Jeju that President Moon Jae-in made his worldwide event debut as the president of the Republic of Korea as he welcomed the opening of the second annual meeting of the Asian Infrastructure Investment Bank, or the AIIB.

South Korea has agreed with the China-initiated Asian Infrastructure Investment Bank (AIIB) to invest 8 million USA dollars in the AIIB's special fund.

This initiative will benefit local infrastructure development by enhancing private capital inflows from global long-term investors, such as public pension funds, endowments and insurance companies, it said.

The bank's president, Jin Liqun, characterized Argentina and Madagascar as "important economies in South America and Africa, respectively" noting that "Tonga is well known as the Friendly Islands in the South Pacific".

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Jeju Island is hosting a conference by the new bank. It now has 80 countries as its members.

"We appreciate the strong support provided by the Indian Government", said AIIB Vice President & Corporate Secretary, Sir Danny Alexander.

The vice chief said interest in the AIIB remained high and that the bank's door remained open to new members that will be joining later this year.

India is the second largest shareholder with 7.5 per cent followed by Russian Federation 5.93 per cent and Germany with 4.5 per cent.

It was unclear if the meeting might pave the way for a thaw or if finance ministers from China and South Korea might meet on its sidelines. This year's theme is "Sustainable Infrastructure" and participants will be sharing diverse perspectives on where the bank should go strategically.

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