Pakistani official lauds AIIB model

A top Pakistani economic official has praised the Beijing-headquartered Asian Infrastructure Investment Bank (AIIB) as a new model of multilateralism, citing its critical support following the country's 2022 floods, and advocated for a greater voice, and even veto power for developing nations at global financial institutions.

Speaking at a roundtable for the AIIB's 10th anniversary held in Beijing, Kazim Niaz, Pakistan's Secretary at the Ministry of Economic Affairs, positioned Pakistan as a key partner of the bank and a strong advocate for its governance model, which he said gives emerging economies more influence.

"We have always viewed AIIB as a development partner of strategic importance and great potential," Niaz said. "Its inclusive governance framework and consensus-oriented decision-making approach are core characteristics that we highly appreciate."

As a founding member, Pakistan has worked with AIIB on projects ranging from clean energy and urban metro systems to digital infrastructure, Niaz noted. He praised the bank's "Lean, Clean, and Green" identity and its "fast and flexible" financing channels, which are critical for a country facing significant infrastructure deficits.

Niaz singled out the bank's performance following Pakistan's historic 2022 floods for special mention, highlighting its collaboration with the World Bank and Asian Development Bank. "The innovative support provided by AIIB in its financing instruments had a huge positive impact on our post-flood reconstruction work," he said. Niaz said Pakistan seeks to deepen its partnership with AIIB in future to build smart infrastructure to withstand severe climate shocks like heatwaves, floods, and water stress.