Former prime minister Shaukat Aziz has expressed the hope that China-led Asian Infrastructure Investment Bank (AIIB) would contribute a lot in improving living condition of the people of the member countries. He told a forum in Singapore that the AIIB is a good beginning towards better living of the people.
"Precisely because the AIIB is starting from ground zero, it could avoid being a hostage to history" and copying the mistakes made by established institutions," he added.
Pakistan being the founding member of AIIB, is looking forward to its success in achieving its stipulated targets in the financial and development sector.
Financial transparency, corporate governance and high standards in top management skills will be the cornerstones of the Asian Infrastructure Investment Bank, said other speakers while addressing the forum.
According to China Daily, already 57 countries have joined the AIIB with South Korea, the United Kingdom, Australia, France, Germany and Italy all signing up as founding members.
"The AIIB is a bank, not a political organisation or political alliance," said Jin Liqun, chairman of the Multilateral Interim Secretariat of the AIIB.
Jin also assured his Singaporean audience that China will not dominate the AIIB. "Leadership is not a privilege," he said. It's an obligation, he added.
Jin's team has been in contact with some leading experts. They include Natalie Lichtenstein, who has retired from the World Bank after 30 years as a senior lawyer.
When asked whether the AIIB will adhere to the "best practices" of the World Bank and the Asian Development Bank, Shi Guangyao, Vice Minister of Finance, said, "There is no best practice but better practices. China will work with other parties to build the AIIB into a professional, efficient infrastructure investment platform."
For example, the bank will likely have a non-resident board of directors, versus the resident board of directors commonly adopted by the World Bank and the ADB.
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