The annual meeting of the China-backed Asian Infrastructure Investment Bank opened on Friday on South Korea's Jeju Island, with its president stressing the importance of improving infrastructure in Asia.
The Bank's President Jin Liqun said infrastructural investment in the region was needed in order to adequately face "new and complex challenges", including climate change, environmental degradation and rapid urbanization.
South Korea's President Moon Jae-in also attended the event, and said his government was eager to act as a bridge between Asia's developed and developing countries.
The Beijing-based Bank, formed in January 2016, aims to provide infrastructural financing in the Asia-Pacific region. The multilateral development bank has been viewed as a rival to the Western-dominated World Bank and Asian Development Bank.
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