Poor infrastructure in Latin American countries has led to low trade facilitation and less favorable environment for both foreign trade and capital inflow, Yang noted, adding that an AIIB membership will help improve their trade and investment environment as well as global competitiveness.
AIIB, initiated by China, is a multinational institution aiming to spur Asia's economic growth through infrastructure investment.
SOUTH Korea's new finance chief said he hopes China and his country can put aside their political rift to forge closer economic ties, and bring about an early end to China's action against Korean companies as part of retaliation for Seoul's deployment of a United States missile-defense system.
"Because of that leanness, AIIB is more contributing to deals that were originated by others", said Nena Stoiljkovic, vice president for blended finance and partnerships at the World Bank's International Finance Corporation and the most senior World Bank official to attend the AIIB meeting.
"Kim and Xiao reconfirmed the strong economic ties between the two countries as this year marks the 25th anniversary of the normalization", said Choi Ji-young, a director at the Korea's Finance Ministry. It opened its doors on January 16, 2016, following a 15 month participatory process during which its 57 founding members worked collaboratively to shape its principles, policies, value system and operating platform. The Latin American members include the region's major economies. It also declined to join the institution.
Likewise, the Bank will provide Rs 22 billion to upgrade the Samakhusi-Tokha road in Kathmandu, Rs 16 billion to expand the Pokhara-Beni-Jomsom road and Rs 18 billion to construct the Tamakoshi III hydro-electricity project.
India is the Bank's second largest shareholder and is becoming an increasingly important geography for AIIB investments.
For Seoul, the worldwide meeting also came as Beijing is flexing its economic muscle against Seoul in protest of the deployment of an advanced US missile defense system in South Korea.
He said the decision to join the bank, at a cost of US$155 million for a stake of less than 1 per cent, was the right one because "we need to know what is going on around us so that we can stay relevant". "We have every reason to be optimistic about our ability to accomplish what we have set as our goals", said Jin.
Some say the AIIB's move toward sustainability takes aim at the US' withdrawal from the Paris climate accord.