AIIB in LKYSPP: Rethinking Multilateral Development with Emerging Asia, Technologies and Future Workforce.
While the Future City Summit Annual Meet 2019 has just wrapped up in Hong Kong and Shenzhen, on overall multilateral development in the emerging Asia, founder of the organisation attended Public Lecture of Lee Kuan Yew School of Public Policy(with his recent scholarship master of public policy studies in the school).
Mr. Jin Liqun, President of the Asian Infrastructure Investment Bank (AIIB), moderated by Prof. Danny Quah, Li Ka Shing Professor in Economics in Lee Kuan Yew School of Public Policy, spoke about the foundation and development of AIIB, and the Bank’s aim of improving social and economic outcomes in Asia through investment in infrastructure. With registered capital of USD100 billion, AIIB has grown from 57 founding members in 2016 to now 100 members across the globe. AIIB has approved 46 projects for over 8.5 billion dollars in investments.
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Li addressed the fundamental development purpose and goals of the AIIB. While the Bank is proclaimed to be the first ever multilateral development bank(MDB) that over 75% of the share is owned by emerging economies instead of the advanced economies in Asia and Africa. The AIIB focuses on infrastructure in the first phase, especially transportation related projects, and conducted business client model to ensure the Bank runs as entrepreneurialism, as lean as possible and avoid direct competition with World Bank and Asian Development Bank.
“While AIIB is established as a giant fund of 100 billion USD, we strived to avoid the issues that the other development bank(s) have made, the “Institutional Obesity”. Such bureaucracy would lead to the slow and inadequate support to the practical development in emerging cities.” — Mr. Jin Liqun, President of Asian Infrastructure Investment Bank(AIIB)
While Li stressed the urgent need of rethinking the future workforce in development, he also reminded the younger generation the upcoming more challenging Era of Artificial Intelligence. Talents shall also be considered the capacity of development intelligence and their leadership in mastering technologies.
“Trust has to be earned when it comes to development, besides advanced technologies and diplomacy. Be it Belt and Road or other campaigns, credibility is a mutual development interest point for longevity of partnership, sustainability of future and resilience of humankind.” — addressed by Li, at the end of the Public Lecture.
