Asian Infrastructure Investment Bank President Jin Liqun (left) and CEOs of multinationals at theheadquarters of the bank in Beijing, June 7, 2015. [Zhang Wei/For China Daily]

Bank to approve $1.2 billion in financing this year

The first batch of investments by the Asian Infrastructure Investment Bank will be announced onJune 24 during its third board meeting, said the bank's President Jin Liqun on Tuesday.

These will include the bank's solely financed projects, as well as those co-financed with the WorldBank and the Asian Development Bank.

With authorized capital of $100 billion, the AIIB will invest in infrastructure, energy, transportation,urban construction, water supply and logistics as well as education, healthcare and environmentalprojects.

The World Bank said in a statement that the AIIB expects to approve about $1.2 billion infinancing this year, with projects jointly financed by the World Bank accounting for a sizableshare.

"The AIIB will also build branch offices responsible for raising capital in both international andregional financial centers such as London, New York and Frankfurt," Jin said.

Meeting with global executives from 15 companies including Royal Philips NV and SchneiderElectric SA, Jin said: "The Belt and Road Initiative serves as a road map for how China willfurther integrate itself into the global economy-bringing new opportunities and a new future toChina and every country along these developing trading routes."

Dieter Zetsche, chairman and CEO of Daimler AG, said: "I think the Belt and Road Initiative isabout growing together globally and it's the best prospective vision we could have to try to dealwith the conflicts in a constructive way and to build bridges."

Standard Chartered CEO Bill Winters said: "The initiative is a key factor for the development ofthe region. And the fact that the AIIB is supporting it so actively is critically important in terms ofbuilding infrastructure and bringing out economic opportunities. For Standard Chartered Bank, itis natural for us to participate with the AIIB and other financial institutions and clients in China tomake sure we are promoting the initiative as well."

Commercial banks including the Bank of China and Industrial and Commercial Bank of Chinahave also been active in developing businesses in countries along the Belt and Road routes.

Jin added that the AIIB would support projects under the Belt and Road Initiative in countries suchas Indonesia and Pakistan. However, it was not created exclusively for this initiative.

"We would finance infrastructure projects in all emerging market economies even though theydon't belong to the Belt and Road Initiative," he said.