Asia Economy

Asia's infrastructure financing gap is a 'problem' of the region's success, says AIIB

Qilai Shen | Bloomberg | Getty Images

The $1.7 trillion infrastructure financing gap in Asia is a "problem" of the region's success, which require more facilities to be built and maintained in the coming years, said Jin Liqun, president of the Asian Infrastructure Investment Bank (AIIB).

Speaking to CNBC at the sidelines of the World Economic Forum's ASEAN meeting in Cambodia, Jin noted that the $1.7 trillion estimate by the Asian Development Bank (ADB) was in fact an upward revision of its previous $1 trillion projection.

"The infrastructure bottleneck is coming up just because of the fast growth of this region, it is a problem of the success of the Asian countries because the living standard improvements and sustained growth in these countries would raise new problems, new issues for these countries to handle," he said on CNBC's "Street Signs" Friday.

"I would say it's evolving and you may see that some of the infrastructure projects may not be needed today … [but] you need to maintain the existing infrastructure. So I would say the demand is huge."

AIIB, which opened its doors early last year, was set up to address infrastructure financing needs across Asia and support China's "One Belt, One Road" policy.

Jin's comments came ahead of a two-day "One Belt, One Road" summit starting Sunday in Beijing. Hundreds of diplomats and businesses leaders from around the world are expected to attend.

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