The Ministry of Economy and Finance announced on September 30 that it participated in the 11th Annual Meeting of the Asian Infrastructure Investment Bank (AIIB) held in Doha, Qatar, from September 28 to 29. This year's meeting was themed 'Infrastructure for Tomorrow: Impact and Innovation.'
Amid rising borrowing costs and diminishing fiscal capacity among member countries, there is a growing call to enhance the effectiveness of limited development resources. In response, the ministry proposed complementary roles and cooperation among the AIIB, borrowing member countries, and donor countries during a governor business roundtable session held on September 28.
The AIIB should not only act as a financial provider but also strengthen its role as a development cooperation partner that connects member countries' development needs to actual investment projects, the ministry suggested. It emphasized the need for tailored technical support and expertise for each member country, from project identification and preparation to financial assistance.
In particular, the newly established project preparation support fund is expected to serve as a bridge that connects the infrastructure needs of underdeveloped member countries and Pacific island nations to actual financial support.
Furthermore, it was noted that borrowing member countries, being the most familiar with their own development needs and conditions, should take the lead in development efforts. They should clearly define their priorities and directions during the project preparation phase and play a proactive role during the project implementation phase.
Lastly, it was suggested that donor countries should act as facilitators and advisors. Providing accumulated development experience and expertise is deemed more meaningful than mere financial contributions.
Kang Yoon-jin, Director of the Development Finance Bureau, stated, 'Based on South Korea's past experience in utilizing development resources for economic growth, we are currently sharing our accumulated experience and knowledge with partner countries through the Knowledge Sharing Program (KSP). We will actively contribute to strengthening the AIIB's project preparation and technical support capabilities based on this experience.'
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.