ISLAMABAD: Finance Minister Ishaq Dar will represent Pakistan at the high-profile event of China-led Asian Infrastructure Investment Bank (AIIB), which is to become operational from this week.

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Chinese top leadership will be present at the opening ceremony, scheduled to take place in Beijing on Saturday. AIIB will be a good source of funding for infrastructure projects in Pakistan and other regional countries.

Ishaq Dar is expected to avail the opportunity to brief the Chinese leaders about the implementation of China-Pakistan Economic Corridor project.

Agreement on AIIB was signed by 57 prospective founding members, including Pakistan, in June last year on the initiative Chinese President Xi Jinping.

With authorized capital of $100 billion, the AIIB will initially prioritize investment in energy, power generation, transportation, rural infrastructure, environmental protection and logistics.

AIIB President Jin Liqun has expressed interest to finance infrastructure projects in Pakistan in various sectors including energy, transport, sea port and urban development. During his recent meeting with Ishaq Dar in Islamabad, the AIIB President had praised Pakistan’s rich potential in infrastructure sector.

According to Liqun, the bank was looking forward for closer cooperation with Pakistan’s public and private sector.

The Bank’s officials will be visiting Pakistan soon to discuss collaboration in different projects. They will work with other world institutions, including the World Bank and the Asian Development Bank to achieve the objective of progress and prosperity.

According to the sources in the Finance Ministry, Chinese banks are already financing the projects under the China-Pakistan Economic Corridor, and the AIIB will meet about 70 per cent infrastructure funding needs of Asia.

Earlier in June last year, Pakistan had signed the Articles of Agreement (AoA) of the AIIB during a ceremony held at the Great Hall of the People in Beijing.