Federal Minister for Finance Senator Ishaq Dar felicitated the newly-elected chairman board of governors, president/vice presidents of the Asian Infrastructure Investment Bank (AIIB) and all the nominated directors and said that the adoption of the resolutions of AIIB was a historic moment which showed that their joint efforts to forge a “community of shared destiny” were bearing fruit.
In a statement after the inaugural session of AIIB, Ishaq Dar said the government of China deserved their deepest appreciation for playing the leadership role in bringing together the founding members and for providing continuous support during the long process of negotiations.
He said with the aim of financing infrastructure/construction across Asia, it took just two years for the Bank to develop from an idea on paper to a full-fledged institution with prospective founding members. With the signing of the articles of agreement (AoA) and adoption of the resolutions, we now need to ensure that this new initiative offered greater opportunities without any inhibiting factors for the borrowers, he added.
The finance minister said: “I am positive that all the officials elected shall work with sincerity to establish the Bank as a financial institution of choice and will take collective decisions for the prosperity of the region. I expect the Bank to act as a catalyst of change in the region. By providing employment, raising income and enhancing business opportunities, the AIIB will have a salutary effect on the prospects of millions of Asians.”
Dar was of opinion that Pakistan’s geo-strategic location was of immense importance to the region. “However, this asset can only be optimised by investments in its infrastructure. Pakistan has already offered its territory for connectivity with other countries under ‘one road-one belt initiative of China. We look forward to active engagement with the Bank for developing our infrastructure.”
He said the AIIB ideals of “lean, clean and green” were admirable. “I hope that the Bank’s management will strive to pursue these ideals in all their policies and operations. We on our part assure the Bank of our full support in all such endeavours.”
“We would hope that the Bank will focus on large projects in the areas of infrastructure, energy and transport as top priority. This would be in line with needs and aspirations of the recipient countries. We also expect the Bank to also invest in other sectors including urban construction, logistics, education and healthcare.”
Dar said that the AIIB would not only accelerate the development of Asian countries but could also drive the global economic recovery together with existing multilateral development banks. “With every giant leap comes several challenges. Expectations are high for the new global multilateral financial institution and Pakistan welcomes AIIB’s strong policies on governance, accountability, financial, and social frameworks. Pakistan will provide fullest support and cooperation to the Bank to ensure its smooth operations and functioning.”
