Philippines takes part in AIIB annual meeting in Mumbai

MANILA, June 25 (Xinhua) — Philippine Finance Minister Carlos Dominguez is in Mumbai, India for the third annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) that kicked off in Mumbai, India on Monday.
This year’s meeting will feature the launching of the Asian Infrastructure Forum (AIF), which aims to gather policy makers and experts involved in infrastructure development in practical and project-driven discussions that focus on matching innovative financing programs to critical infrastructure needs.
The Board of Governors’ meetings and seminars will focus on ways to ensure a sustainable future for Asia through sound infrastructure investments.
According to host country India, this year’s theme, “Mobilizing Finance for Infrastructure: Innovation and Collaboration,” recognizes the private sector’s vital role in bridging the infrastructure gap.
Dominguez, as AIIB governor for the Philippines, will attend the Governors’ seminars and deliver the Philippines’ statement during the Governors’ business roundtable scheduled on Monday afternoon.
After the Governors’ plenary session that will last from morning till early afternoon on Tuesday, Dominguez is scheduled to deliver the keynote speech at the AIF workshop on “Advancing Together: ASEAN Infrastructure Development”.
As of April 11 this year, the AIIB Board of Directors has approved 26 infrastructure projects across Asia to be financed by the bank totalling some 4.52 billion U.S. dollars.
In the Philippines, the Metro Manila Flood Management Project Phase 1, as the first project co-financed by AIIB with the World Bank, was signed in December last year and declared effective on March 15, 2018.
Headquartered in Beijing, the AIIB commenced operations in January 2016 and has now grown to 86 approved members from across the globe.
The bank’s mission is to improve economic and social development in Asia by investing in high quality, financially viable and environmentally friendly infrastructure projects. Enditem