A new Chinese-led international development bank announced its first four loans on Saturday, pledging to lend $509 million for projects to spread electric power in rural Bangladesh, upgrade living conditions in slums in Indonesia, and improve roads in Pakistan and Tajikistan. At the first of the annual general meetings of the institution, the Asian Infrastructure Investment Bank, the bank's president, Jin Liqun, said the projects were financially sound and environmentally friendly and had been accepted by the people in the project areas.
The road in Tajikistan is just three miles long, but it will help clear traffic congestion on an important trading route near the capital, Dushanbe. A$100 million loan to Pakistan is for 40 miles of highway in Punjab Province that would complete the last section of a national artery, the M-4, the bank said.
Three of the projects are being financed with other institutions — the Asian Development Bank, the World Bank, and the European Bank for Reconstruction and Development — an approach that allowed the new bank to begin the projects quickly. The bank's $165 million loan to expand electricity in rural areas of Bangladesh is its only stand-alone project. By financing projects with long-established institutions, the Beijing-based bank was able to move quickly because work on meeting environmental standards and procurement policies had been completed, staff members at the bank said.
Although the new bank was China's idea, it is intended to operate as an international bank dedicated to improving the basic structures and facilities needed to stimulate development across Asia, Mr. Jin said at a news conference
on Saturday. Unlike the World Bank and the Asian Development Bank, the Asian Infrastructure Investment Bank places less emphasis on the reduction of poverty, he said. The bank "was born with the birthmark of China, but its upbringing is international," Mr. Jin said. Referring to the three other institutions that will finance the projects, he said, "We can work wonderfully together."
The new bank is being watched closely. The United States refused to join when it was offered membership in 2014. Japan has also not sought membership in the bank. But President Obama's administration was mostly concerned that the bank would challenge the current development architecture, the Bretton Woods system established under the leadership of the United States after World War II.
In the past year, Mr. Jin has worked to reassure Washington, largely by agreeing to choose projects that have already been approved by the World Bank, the Asian Development Bank and the European bank. He has also emphasized that the new bank will be more streamlined and strive to be "lean, green and clean."Britain was the most eager of the Western democracies to join the bank, and it broke ranks with the United States and became a member in the fall of 2014.Other members of the European Union, including France and Germany, rushed in after
Britain. The withdrawal of Britain from the European Union is not expected to affect its relationship with the bank, Mr. Jin said."I believe the United Kingdomwill continue to play an important role in the development of the bank," he said at the news conference. Asked if he believed that Britain's decision showed that the old guard was crumbling quicker than he expected, Mr. Jin diplomatically replied that he had detected no such signs.
Two dozen countries have expressed interest in joining the bank, and theysent observers to the two-day meeting, Mr. Jin said. The new members would come from Eastern Europe, Latin America and Africa, and could join as early as next year.
1.The Asian Infrastructure Investment Bank's first four loans will goto the following countries except ______.
2.About the four projects, which one of the following statements is false?
A.Local people welcome the projects.
B.The Asian Infrastructure Investment Bank can start the projects quicklywith the finance of other institutions.
C.The project in Bangladesh is also financed with other institutions.
D.The project will only improve road in Tajikistan by three miles but itwill do great help.
3.Mr. Jin agrees with the following ideas except ______.
A.The Asian Infrastructure Investment Bank will be devoted to improvedevelopment in Asia
B.The Asian Infrastructure Investment Bank will work together with the World bank, the Asian Development Bank and the European Bank for Reconstruction and
C.The Asian Infrastructure Investment Bank will pose a challenge to the United States
D.World Bank and the Asian Development Bank emphasize more on poverty reduction than Asian Infrastructure Investment Bank does
4.What does "lean" mean in Paragraph 6?
A.Be well funded.
B.Be less redundant.
C.Be less corrupted.
D.Be well organized.
5.According to the article, which one of the following statements is true?
A.United States and Japan will join the Asian Infrastructure Investment Bank soon.
B.More countries are interested in the membership in the bank.
C.Germany and France will join the bank soon.
D.Britain's exit from European Union will have an impact on its membership in the bank.