 Thank you very much. Well, thank you very much for your interest in the Asian Infrastructure Investment Bank. You've heard quite a bit of conversation here today about connectivity. Connectivity between countries and the opportunities that arise from increased integration with an ASEAN, the connectivity between ASEAN economies and the jobs that are created when integration and trade happens. Now connectivity requires physical connectivity, which requires infrastructure. And that's our business. You may have seen some of those studies that have put out these huge needs for infrastructure investments in Asia. The trillions of dollars, according to some estimates, worldwide six trillion dollars a year that need to be invested in infrastructure. And that's transport, roads, highways, ports, railways, within countries, between countries, but also energy connectivity, transmission lines between countries, ability to trade electricity across countries, but also telecommunication connections. So trillions of dollars are needed to meet the needs for connectivity and infrastructure to reap the benefits that we're talking about here. Jobs for literally hundreds of millions of people that can be created by connecting economies and integrating economies within ASEAN and beyond. It's that need for infrastructure investments that has given rise to the creation of the Asian Infrastructure Investment Bank. China initiated the AIIB in 2013 and invited first other Asian economies to join. And the ASEAN countries were the first to take up that invitation and join the initiative. Later other economies across Asia and other parts of the world, in particular Europe, but also Latin America and Africa, countries joined and in the end 57 countries came together to create AIIB as an international development bank exclusively focused on investing in infrastructure and addressing these huge financing needs that I just spoke about a moment ago. Initially the creation of AIIB was, I think, greeted on the one hand with excitement about the opportunity, but on the other hand also with some skepticism. Some skepticism about China taking the initiative and maybe some suspicion that this would be an initiative exclusively driven by Chinese interest. But because 57 countries came together, a very strong agreement was formed to create a truly international development organization that is governed by all 57 countries who have a voice in leading and guiding this new investment bank. The shareholders also agreed on very clear standards and priorities. They agreed on a very strong commitment to transparency, a strong commitment to high social and environmental standards, high project quality standards, so that AIIB would finance projects that indeed would achieve the objective of serving the people, serving the economies and serving the priorities of the countries we operate in. On that basis we opened our doors about a year ago to be precise in January 2016. We have since then made our first 13 investments, 13 projects we have financed in countries across Asia, among them ASEAN countries like Indonesia and Myanmar. We have committed $2.3 billion in those projects, so we are open for business. We are investing across Asia and we are investing across the infrastructure sectors, energy, transport, water, urban development and other productive sectors. We have given ourselves three operating principles that you may have heard about. They are clean, green and lean. Lean means we operate to high environmental standards, we want to make sure our projects meet social environmental standards and don't do undue harm. Clean means we are transparent and we don't tolerate corruption. We ensure that money is used for the purpose that it's intended for. And lean means we are a very efficient, small organization. We have about 100 staff, we are a very small organization that can be very agile in response to our clients and the investment needs of our member countries. One last comment I want to make because these days there is a lot of attention paid to another related but quite different initiative which is the One Belt, One Road initiative and the One Belt, One Road summit that happens in China next week. So One Belt, One Road and AIIB are two very different and very distinct entities and yet there is some connection. One Belt, One Road is a broad initiative by China to promote integration connectivity between Asia, Europe, Africa. It's a very broad initiative under which many different organizations and activities fall. But it's a broad initiative to promote trade integration. On the other hand AIIB is a bank with a legal structure with, as I mentioned, 57 founding and by now 70 approved member countries with a mandate to invest in infrastructure to promote economic development in Asia. While One Belt, One Road has found a lot of interest from other countries and many heads of government, heads of state will come to Beijing next week to discuss the future of One Belt, One Road, AIIB has actually a very formal international governance where all member countries are represented on our board of governors and our board of directors and in a very formal structured way guide the activities of AIIB and AIIB follows the interest of each and every one of our member countries. AIIB invests in the priorities that our member countries bring to us. In some cases they may coincide with the One Belt, One Road initiative, especially in the countries that lie on these large corridors between Europe and Asia. It would be natural that some of our member countries bring to us and request our financing for projects that fall under One Belt and One Road. And yet we will also finance many projects that are unrelated because they follow our member countries priorities whether or not they can be forming part of One Belt, One Road. So AIIB is open for business. We are keen and hopeful that we can play a significant role to bridge this huge finance gap that is necessary to bring power, water, and other infrastructure services to the people of Asia, in particular to the people of the ASEAN countries. Thank you. So do we have questions already? Go ahead. Thank you. My name is Sokuntie. I'm from Cambodia, Delhi. Could you explain how the significant and benefit of Cambodia to involve in the project, infrastructure project of AIIB, thank you. So Cambodia participates in AIIB in at least two ways. First Cambodia is a shareholder of AIIB, one of the founding shareholders. So Cambodia has a voice in the board of governance and the board of directors that guide the activities of AIIB. So the first role Cambodia has is in our governance as a decision maker that owns AIIB and is a shareholder of AIIB. And one of the important characteristics of AIIB is that it's a regionally owned bank. 75% of our shareholding capital is held by Asian countries. So it's an Asian investment bank that is directed and guided by Asian countries and the interests of those countries. Secondly Cambodia can and will be an investee country. So a country in which AIIB can invest in infrastructure projects. We are in discussions about different possibilities of what the priorities of the government of Cambodia are for AIIB's investments in infrastructure. And it will be very important that we follow the priorities that the government has laid out in its own plans so that our investments are consistent with the priorities of the country. We can invest in Cambodia's elsewhere in public projects. So government investment projects or projects that the government backs with its guarantee or projects that private companies undertake. Where private investors take a loan from AIIB in order to invest in their project that is financially viable. For example projects like toll roads or power generation often are private investments whereas smaller rural roads or local water supply are more often and more typically public investment project. But we could finance both types of projects across ASEAN and of course in Cambodia. So we follow here and here and there. Hi this is Chanthol from Reuters. So can you elaborate in details what discussion you had with the Cambodian government like what companies and how much in value. And also what conditions can you finance projects here. Do you look at human rights issues before you finance things or what are the conditions before you get your money. Thank you. So our discussions are still at a quite general level so I cannot give you amounts or project names because we're still discussing a number of possibilities but I can tell you more about how AIIB works and will work in Cambodia. Our financing has to be financially sustainable. Different from some other agencies we don't have concessional finance. We don't offer grant financing or subsidized financing. Our financing is based on our cost of financing which is a lot cheaper than if countries like Cambodia issued debt in the global market itself but it is more expensive than the concessional finance that sometimes bilateral agencies offer. That's the nature of our financial model because we want to be a strong bank that can grow its balance sheet and increase its investments in the future. Secondly in terms of what we look at when we assess an investment project. We have very clear and quite rigorous criteria for the quality of investment projects. So we look first and that's very basic at the technical quality. When you build a bridge you need to make sure that the feasibility study and the design study is done so that the bridge actually carries the traffic and doesn't collapse. That's pretty trivial. But we also look at the financial economics side of the project. Does the project generate revenues or is the government willing to back the project with its own expenditures so that the project becomes financially viable? Is it economically viable? Does it generate benefits for the country that justify the investment of the resources? Benefits in terms of jobs created, in terms of trade generated, wealth generated. And we look at the environmental and social dimensions of a project to make sure that the project doesn't cause environmental damage or damage to individuals. So for example, we are very focused to ensure that if people have to be resettled who are occupying land on those projects, that's done properly with proper compensation in line with international standards. So we have very clear standards for those projects that will apply in every country that we're investing. But different from other development banks, we are a project finance bank. So we will look at the project and we'll look at the conditions that affect the viability of that particular project. We don't have a focus on the broader policy environment in the country. We don't take a view on political. In fact, we have prohibited from taking a view on political dimensions of our member countries. Our focus is to make sure we finance high-quality projects that achieve their objectives and don't have any negative side effects. Hello, I'm Suwan from Sinhala News Agency. My question so far, have AIIB results, any specific amount of money to lend to the ASEAN countries? My second question, have AIIB approved any projects to Cambodia? I mean, if Cambodia submit any projects for money? So we don't have any established country limits for our lending at this time. We are a very new bank, so we have in a sense a clean balance sheet. And we will manage that balance sheet in line with the high rating that we need in order to get access to the lowest cost financing in international markets. So we have no country limits yet, but we will have to look very carefully to make sure that our overall investments are compatible with the very high credit rating and low cost of financing. In terms of commitments made or requests made so far, we have not committed any projects and investments in Cambodia, but we are discussing priorities with the government and possibly with private investors of where we could invest, but that's still at a very early stage. So I can't yet announce any particular projects or interests. We have invested in ASEAN countries. We have already made investments in Myanmar and in Indonesia. In fact, in Indonesia, we have invested in three projects. So just to give you a sense of what we're doing, Myanmar, we have invested in a private gas-fired power plant to increase the electricity supply to a country that has suffering from tremendous energy shortage. In Indonesia, we have invested in a slum upgrading project. So that's a very small-scale investments in improving the physical living conditions in low-income neighborhoods in cities across Indonesia. We have also invested in a project to upgrade and rehabilitate dams. So dams for hydropower generation or irrigation, many of those have deteriorated over the years and have created safety hazards. So that, for example, there's a risk that a dam could burst and cause flooding. So we're investing in rehabilitating and restoring the safety of a large number of dams in Indonesia. But just to give you a sense of the kinds of projects that we are financing in ASEAN already and could in the future finance in Cambodia. Please. Hi, I'm Jessica from EcoBusiness in Singapore. We report on sustainable development across Asia. I have two questions for you. One, can you maybe share with us the specific mechanisms you have to ensure that the projects that you invest in are both sustainable as well as responsible? My second question is, can you clarify your position on funding coal projects? I think there was some discussion on that. And it would seem to run counter against your cleanly and green philosophy. Thank you. So for us, sustainability is a very central concern. I spoke in the beginning about the trillions of dollars that need to be invested around the world. Just to give you a sense, there's a famous McKinsey study that looks at global investment needs and infrastructure. It says that the world needs to invest 90 trillion dollars in infrastructure over the next 15 years. That compares to a current stock of 50 trillion infrastructure in the world. So if we as a global community make all those investments, we'll build two more worlds in the next 15 years, from 50 to 150 trillion dollars of infrastructure. And how we do that decides the future of our planet, frankly. And this is in particular to your question on sustainability. And if we invest these additional 90 trillion dollars in electricity or energy as usual, in transport as usual, the global community will never be able to achieve the commitments that has assumed in Paris a year and a half ago on climate change. On the other hand, if these new investments are done in a sustainable way, in renewable energy, in sustainable transport systems, sustainable cities, actually those investments can be critical for achieving a sustainable future. So it matters tremendously and AIB wants to be part of that sustainable future. In fact, we're saying we want to accelerate the transition towards a sustainable future. And now we have two instruments for doing that. One is our social environmental framework. That are the rules of what we cannot do. These are rules that our shareholders have given us, very clear standards in line with international good practice and the standards of other development banks about what to not do in order not to harm the environment or people. Very clear rules, you can look them up on our website and they're very similar to those of other modern, both development and commercial banks who really have made commitments to sustainability. Our second instrument is our strategy. That's about what we want to do. And what we want to do is help our member countries accelerate their transition towards sustainable energy. Sustainable infrastructure in general, but sustainable energy in particular. Now for each country that means something different, because each country is in a different stage of development. But we want to be the driving force to help countries in particular, assume or implement the commitments that they've made in Paris. What is called the nationally determined contributions. Each country has recorded nationally determined contributions that express the commitment each country has made toward achieving the agreements in Paris on climate change. And we want to be the bank that helps countries implement that, helps countries finance those investments that bring countries on a sustainable energy path. That means we will prioritise investments in renewable energy. It means we will prioritise investment in smart grids that allow renewable energy to be integrated in the grids. It means we will not be the bank that will finance large-scale expansion of coal-fired power plants. And yet there will be special circumstances where we will have to look at each case, what is the most appropriate way for a country to transition towards sustainable energy. And that has to be done case by case, very carefully looking at the different conditions in a continental country like India compared to a tiny Pacific island which faces entirely different challenges and opportunities for transitioning towards sustainable energy. Chris, with German newspaper, Frankfurt, Algemeine Zeitung, the Russian economic minister said two days ago that he's very upset that he doesn't get any financing from the European EBRD, and he said he will make up for that money with money from AIIB. So how far are negotiations with Russia and what's your stand on that one? Thank you. Russia is a member and good standing of the AIIB, in fact, that's our third largest shareholder. And we are assessing project proposals from Russia. We have not yet made investments in Russia, but we're looking at project proposals and we're assessing them with the same criteria that I mentioned before that would apply to investments in Cambodia or other member countries. No, because we have not made, as I said, an earlier response. We have not given country allocations. We have not established country limits. We do look at each project at its own merits and then finance those projects if they're compatible with the overall risk management framework for our entire balance sheet. But there's no allocation of resources to a specific country. Brian Meltzer, China Global Television News. You're a very new institution. I was at the Islamic Development Bank's annual meeting last year in Jakarta and one of your vice presidents made a presentation there. You've got a very big presence here at this forum. What do you get out of forums such as this international forum? And why we are quite keen to engage is really related to this big infrastructure finance gap. I mean, at some of the events here today, you heard talk about this connectivity conundrum. That was the theme of one of the sessions earlier. The conundrum is there are these trillions of dollars of financing needs on the one hand and then there are trillions of dollars of capital that is searching for yield on the other hand. And the conundrum is, why doesn't this capital looking for return flow into developing country infrastructure that is so desperately needed? And we want to be a piece of the puzzle that solves that conundrum. But we are only a piece of the puzzle. We are not the entire solution. We are the piece of the puzzle where publicly owned International Development Bank works together with private investors, with governments, with insurance companies, with other participants to build the bridge that overcomes this conundrum. But for us such as this one, where all these parties come together and actually try to build the bridge, put the puzzle together with the different pieces, actually extremely valuable. And we're discussing here this forum, both in general, but also in specific terms, how each of these players can come together to mobilize private capital. That's one of our key thematic priorities. So we're actually quite excited about being part of this conversation because we hope that this conversation will actually unlock the flow of resources that will help us meet our mandate. My name is Abby Seith. I'm with DevEx. While sort of the economy and development have really seen significant increases in the last 30 years in this region in particular, the wealth gap has also increased enormously. Sorry, the? The wealth gap has increased enormously. And I was just wondering if AIIB would be taking any pains in its projects to make sure that the growth, its infrastructure projects are leading to is inclusive. I think it's a very good question because ultimately what matters is people's well-being. And we want to make one particular contribution to that, which is the infrastructure side. There are many dimensions to public policy to promote inclusive growth, as you are referring to. And some of those aspects like social policy we are not directly involved in, but they are very important. But we are involved with infrastructure finance, which can play a very important role toward inclusive growth. And again, I think there's sort of two angles to our operations in that. One is we want to make sure that our operations don't do harm. This again, where the social environmental framework comes into play. Where we want to ensure that a project that we are financing doesn't hurt communities. Because let's say their land is taken away or other damage is done to them. That's one dimension where we want to be sure we don't do harm. On the other hand, we are very keen to make sure our projects actually reach a broad share of the population. So I mentioned, for example, our project in Indonesia for slum upgrading. It's a good example of where infrastructure benefits a very large number of people. Because it's actually the little pathways in a slum in a city in Indonesia. Or the water connection to a poor household. So that's a very direct impact on inclusive growth. We also finance projects that give access to infrastructure services to a wide range of population. For example, in Bangladesh, we finance a power distribution project. Several millions of households are getting electricity access through that project. Now electricity access for a household means health benefits. The family no longer hovers over a smoking dirty unhealthy stove, but actually has clean energy in the house. It means that kids can study at night because they have light. So infrastructure has so many direct connections to people's well-being that we actually believe we can make a significant or we can help our member countries make a significant contribution toward inclusive growth. And I haven't even spoken about the jobs that we think infrastructure can create, which in most cases is probably the most effective way for making growth inclusive. Hi, my name is Noda from Nikkei Plus in Japan. Do you have any plans or the plan or strategy? How you cope with ADB? So the established international development banks like the World Bank and ADB have been very important partners for us from the very first day. We are the new kid on the block. Those banks have tremendous experience in the business that we are mandated to work in. So we have from the first day partnered very closely in particular with World Bank and ADB, one by directly benefiting from their experience. We have staff who have worked with these organizations before who bring their experience and we have co-financed with the World Bank and ADB. So we have jointly financed projects, many of which were prepared for example by ADB, where ADB did a lot of the preparatory work with the country partners and then we came in to share some of the financial investments. We also have signed an MOU with the ADB that establishes a framework for our partnership. One, because we actually can benefit a lot from each other. Two, because we wanna show our shareholders and our partner countries that the international development banks work very closely together and pursue very similar objectives and do it in a coordinated way. Do we have, if you have a last question, then? We have two more minutes then. And Mui Hong, I am from, and I'm from Japan, so I'm wondering how much fund is available now at AIIB and in particular for Asian region, Asian region. And in the next 50 years, do you plan to like allocate the funding for Asian region to invest in infrastructure? So in our first year in 2016, we have committed $1.7 billion of investments. Our plans for this year are about $2.5 billion of investments. And so we will ramp this up gradually until we reach maybe some $12-13 billion of investments a year in a few years time. The vast majority of those investments will go into Asian countries because our primary mandate is to invest in Asia. We may do some investments outside of Asia, but our mandate and focus really is Asian infrastructure and we will focus on those countries. As I said before, we have not made any pre-allocations by country or sector, but we will look at the balance between countries and sectors as we build up our portfolio. Who would like to take the last questions? No, I want to thank you for your interest. For us, it's very exciting to share what we're doing because especially in light of the discussion we're having here about connectivity, our mandate fits right into that and we're very happy that you're interested in our work because I think we want to be a constructive force that makes a big difference toward solving the connectivity conundrum. So thank you for your interest. Everyone, thank you and thank you. Pleasure.