A senior Pakistani economic official on Wednesday commended the Asian Infrastructure Investment Bank (AIIB), headquartered in Beijing, as a pioneering example of multilateral cooperation. He cited the bank’s timely and effective support in the aftermath of Pakistan’s 2022 floods and emphasized the need for greater representation, and potentially veto power, for developing nations in global financial institutions.
Speaking at a roundtable in Beijing marking AIIB’s 10th anniversary, Kazim Niaz, Secretary at Pakistan’s Ministry of Economic Affairs, highlighted Pakistan’s strong partnership with the bank. He praised AIIB’s governance structure, which he said amplifies the voices of emerging economies and aligns with Pakistan’s vision for inclusive development.
Niaz described AIIB as a development partner of strategic importance, commending its inclusive, consensus-based approach to decision-making. He noted that these values make the institution especially appealing to countries like Pakistan.
As a founding member, Pakistan has partnered with AIIB on a range of initiatives, including clean energy, metro transport systems, and digital infrastructure. Niaz lauded AIIB’s “Lean, Clean, and Green” identity and its efficient financing mechanisms, which are vital for addressing Pakistan’s pressing infrastructure needs.
He gave particular recognition to AIIB’s role in post-flood recovery efforts in 2022, crediting the bank’s collaboration with the World Bank and Asian Development Bank as instrumental in helping Pakistan respond to the disaster. The bank’s innovative financing tools, he said, significantly aided reconstruction.
Looking ahead, Niaz expressed Pakistan’s interest in expanding cooperation with AIIB to build climate-resilient infrastructure capable of withstanding environmental challenges such as floods, heatwaves, and water shortages.
On a broader note, Niaz called on developing countries to band together and demand stronger representation in the governance of multilateral development banks (MDBs). He argued for a shift in influence, potentially including veto rights, to better reflect the interests of countries previously marginalized.
He urged MDBs to transition into knowledge-based institutions that support capacity-building, debt sustainability, and mechanisms to reduce risk for private investment, functions that go beyond mere financing.
Niaz concluded by positioning AIIB as a trailblazer in this evolution. He described the bank as embodying “a new type of multilateralism” rooted in mutual trust and shared development goals, giving developing countries the confidence to collaborate in solving common challenges.
Related Posts
