South Korea, the fifth-largest stakeholder of the China-led Asia Infrastructure Investment Bank, will host the second annual meetings of the institution on Jeju Island from Friday to Saturday.

The AIIB is a multilateral financial institution founded last year to bring countries together to address infrastructure needs across Asia. It is sometimes described as the “World Bank for Asia.”

In its first year of operation, the AIIB welcomed 57 signatory countries and approved loans of over $1.7 billion to support nine infrastructure projects across seven countries, including Pakistan, Bangladesh, Tajikistan, Indonesia, Myanmar, Azerbaijan and Oman.

This year, the member countries of AIIB will gather in Jeju to discuss sustainable infrastructure for Asia at a two-day conference, which will feature seminars on infrastructure in the era of the “fourth industrial revolution,” AIIB’s investment program, sustainable energy in Asia and how to bridge the gap in infrastructure financing, among other topics.

A total of 2,486 officials, including ministerial-level delegates from 25 countries, chief executive officers of private businesses and scholars on infrastructure and investment, are expected to attend the event.

Korea’s newly appointed Deputy Prime Minister cum Finance Minister Kim Dong-yeon will attend the forum on behalf of Korea, making his international debut as Korea’s economy chief.

By Song Su-hyun (song@heraldcorp.com)