▲ Asian Infrastructure Investment Bank (AIIB)
The Ministry of Economy and Finance announced today (September 30) that its delegation attended the 11th Annual Meeting of the Asian Infrastructure Investment Bank (AIIB) held in Doha, Qatar, from September 28 to 29 (local time) and proposed measures for cooperation.
During the meeting, the Ministry of Economy and Finance presented complementary roles and directions for cooperation among the AIIB, borrowing member countries, and donor countries to effectively utilize limited development financial resources.
First, it suggested that the AIIB should go beyond being a mere financial provider and strengthen its role as a "development cooperation partner" that connects member countries' development demands to actual investment projects.
It stated that the newly established Project Preparation Budget Fund should serve as a bridge connecting the infrastructure demands of less-developed member countries and Pacific Island nations to actual financial support.
It emphasized that borrowing member countries receiving support must become their own "drivers."
As they know their own development demands and conditions better than anyone else, they should clearly set priorities and directions and play a leading role in driving projects forward.
The Ministry of Economy and Finance pointed out that donor countries should also act as facilitators and advisors.
It advised that they should contribute their accumulated development experience and expertise to enhance project quality and development effectiveness.
Kang Yoon-jin, Director General for Development Finance who led the delegation, stated, "Based on our past experience of achieving economic development by utilizing development funds, South Korea is currently sharing its accumulated experience and knowledge with partner countries through the Knowledge Sharing Program (KSP)." He added, "Building on this experience, we will actively contribute to the AIIB's process of strengthening its project preparation and technical assistance capabilities."
(Photo: Yonhap News TV capture, Yonhap News)
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