AKIPRESS.COM - A China-led infrastructure bank that is expected to rival the likes of the World Bank and Asian Development Bank in Asia has been approached by as many as 20 additional prospective members and is looking to begin funding its first projects as soon as six months from now, its new leader said.

Jin Liqun, president-designate of the Asian Infrastructure Investment Bank, also told a conference here Saturday that the new bank wouldn’t select projects to favor Chinese companies and wouldn’t act as “China’s bank”, WSJ reported.

Mr. Jin said the AIIB will invest in core infrastructure projects such as railroads and power, but retain the option to broaden its portfolio into associated investments such as environmental investments.

“Some projects are quite ready,” Mr. Jin said.

The AIIB was launched in June with representatives of 57 countries present, 50 of whom formerly signed up on the day. The Beijing-based bank is one of several projects that President Xi Jinping has unveiled recently in a bid to expand China’s influence and financial clout in Southeast and Central Asia.

The bank came together in less than two years amid strong global interest. It was seen as a propaganda victory for China when U.S. allies such as the U.K. and Germany joined. Though the bank hasn't yet begun lending, it faces the mammoth task of negotiating a complicated political and economic landscape, and not just in Asia. Critics including Washington have already raised concerns that the bank would have lower environmental and ethical standards than other multilateral banks.

Mr. Jin, who was named as interim leader of the AIIB last month and is a Chinese national and former vice finance minister of that country, shrugged off such concerns on Saturday.

“AIIB will be a good global citizen,” he said, adding that the bank will operate with a focus on “transparency, openness, independence and accountability.”

Asked at the conference whether the bank might have an institutional bias toward Chinese companies, or against companies and individuals from countries that haven't joined such as Japan and the U.S., Mr. Jin said such rumors were unfounded.

“China is the major shareholder. But this does not mean that this is China’s bank. The bank is not owned, managed or operated by China,” he said. “The bank practices universal procurement and universal recruitment,” and wouldn't favor Chinese companies over those from, say, the U.S., he added.