Doha:South Korea has underscored the significance of coordination between donor and recipient nations for the effective execution of development projects at the Asian Infrastructure Investment Bank (AIIB) annual meeting, as stated by the finance ministry on Wednesday.

According to Yonhap News Agency, the South Korean Ministry of Finance and Economy presented this viewpoint during the 11th AIIB annual meeting held in Doha from Monday to Tuesday. The ministry emphasized the necessity of establishing mutually beneficial relationships between donor and recipient nations.

The ministry suggested that the AIIB should act as a development cooperation partner, transforming development needs into concrete investment projects. It highlighted that recipient nations should take the lead in development projects by clearly setting priorities and directions during project preparation, while donors should function as facilitators and advisers.

The ministry further noted that beyond financial contributions, it is crucial for donors to share their development experiences and expertise to enhance the quality and effectiveness of AIIB-led projects. South Korea committed to continuing its efforts in sharing development experiences and contributing to strengthening the AIIB's capacity for project preparation and technical assistance.