Moon, Kim play hosts to 2nd annual AIIB meeting in Jeju


The AIIB, which has 80 member countries, was set up to help meet the estimated US$26 trillion (S$36 trillion) needed for infrastructure spending in Asia till 2030, while also demonstrating that a China- led institution can meet worldwide standards for best practice.

But Moon also pointed out the "development of democracy and political stability in Asian countries is becoming an important factor in world peace and security".

The AIIB, China's first effort to launch a multilateral development organization, has been careful publicly to put distance between itself and Chinese government policy as it looks to placate concerns it will be a tool of Beijing's foreign policy. It was the first time since July 2016 that the two countries' economic heads have met since diplomatic and economic relations froze over as a result of the deployment of a USA missile defense system.

Georgia delegation is attending #AIIB2017 in South Korea.

North Korea's Pyongyang's Committee for the Peaceful Reunification of Korea said this week Seoul has not taken action to "resolve the sharp military tensions on the Korean peninsula".

In a meeting with South Korean Finance Minister Yoo Il-ho, the two sides discussed opening credit lines by Iranian and South Korean banks and also establishing branches of Iranian banks in South Korea, IRNA reported on Saturday.

Since China began protesting the THAAD deployment in late February, visits by Chinese tourists have dropped sharply and some companies operating in China, South Korea's largest trading partner, were asked to suspend their operations there.

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"This also indicates the commitment of all members to work together, to improve living conditions of their citizens and to maintain sustainable economic growth while facing environmental challenges", he added. It is financed by individual country contributions proportionate to their economic size.

The AIIB welcomed Argentina, Madagascar and Tonga to its club on Friday, expanding its roster to 80 from 57 inaugural members. The Latin American members include the region's major economies.

The AIIB announced that its third annual meeting of the board of governors will be held in Mumbai, India, in June 2018.

Likewise, the Bank will provide Rs 22 billion to upgrade the Samakhusi-Tokha road in Kathmandu, Rs 16 billion to expand the Pokhara-Beni-Jomsom road and Rs 18 billion to construct the Tamakoshi III hydro-electricity project. Korea has a 4.06 percent stake.

Along with the official sessions, a variety of side events were scheduled such as seminars on infrastructure and the one-on-one business meetings.

Some say the AIIB's move toward sustainability takes aim at the US' withdrawal from the Paris climate accord.