China-backed AIIB touts growth, sustainability

Jeju, South Korea

LEADERS of the China-backed Asian Infrastructure Investment Bank touted its growing membership and commitment to sustainable development at its annual meeting, even as environmental groups were disappointed by its openness to investing in coal projects.

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