South Korea's finance ministry said Friday that it will seek to expand cooperation with a China-led infrastructure development bank, which will help more Korean firms participate in the lender's projects.
During the Asian Infrastructure Investment Bank (AIIB)'s annual meeting in Mumbai from Monday to Tuesday, Seoul's deputy finance minister Ko Hyung-kwon will hold a series of meetings with AIIB's top executives, including AIIB President Jin Liqun, to discuss mutual cooperation, according to the ministry.
The deputy minister plans to call for a greater participation by private investors in the bank's massive infrastructure development program, it added.
The multinational lender was set up in 2015 to fund infrastructure projects in Asia, and South Korea joined the AIIB as one of its founding members. The bank is widely viewed as a potential counterbalance to U.S.-led multilateral lenders, such as the Asian Development Bank, amid growing Chinese economic clout.
The bank has focused on building infrastructure that can effectively address challenges, including climate change and regional disparity, in a move that underscored its commitment to meeting sustainable development goals.