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China Lays Out Asian Infrastructure Investment Bank

June 29 (EIRNS)—Today, in a short article by official Chinese news agency Xinhua, titled "Asian Infrastructure Investment Bank to Bridge Financing Gap," the purpose and goals of the AIIB were laid out:

"The proposed Asian Infrastructure Investment Bank will provide a new financing channel for developing nations in the Asia-Pacific region, an official said Sunday.

"Funds from the Asian Development Bank and the World Bank are far from satisfying the appetite for new infrastructure, Jin Liqun, head of the bank’s preparatory group under China’s Ministry of Finance, said at a forum.

"The bank will provide a new financing channel for developing nations, especially low-income ones, Jin said.

"In October 2013 during a visit to Indonesia, Chinese President Xi Jinping proposed an Asian Infrastructure Investment Bank to promote integration."

China has held three rounds of talks with interested Asian countries, and a memo on setting up the bank is due to be signed this autumn.

"‘We have confidence that we can build a bank up to high international standards, and will do our best in project evaluation, environment protection, local culture conservation, promoting continuous economic growth and improving people’s livelihood,’ Jin said."

South Korea’s President Park Geun-hye, especially in her recent European trip, made it know that she sees South Korea’s medium and long term strategy tied to its own vision of the "New Silk Road." Such an approach would not only provide long term economic growth, but also provide a viable development-based approach to dealing with the North Korean dilemma.