China, SKorea put missile rift on hold to join AIIB meeting

Lee Dong-geol chairman and CEO of the Korea Development Bank

"I am sure that South Korean companies' technological strength and wide networks will contribute greatly to the AIIB's development projects", he mentioned.

South Korea joined the AIIB as one of its founding members.

It was unclear if the meeting would pave a way for a thaw or if finance ministers from China and South Korea would meet on its sidelines.

Finance Minister Kim Dong-yeon also said the Asian Infrastructure Investment Bank (AIIB) should come up with a comprehensive strategy for investments to stay on the path of progress.

Hungary has joined the Asian Infrastructure Investment Bank (AIIB) as the documentation process had been finalised and the initial capital instalment had been transferred to the institution, Economy Minister Mihály Varga announced on Friday, following the annual general meeting of the Beijing-based financial institution held in South-Korea. "The new Silk Road by sea and land won't be complete unless the South and North are connected by railways..."

Sustainable energy is a key theme at this year's meeting.

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"We are ready to do our part in support of the Paris Agreement", Jin Liqun, the AIIB President, said in the statement.

The AIIB is a multilateral development bank that focuses on the development of infrastructure and interconnectivity in Asia. They include some American allies such as Britain and Australia.

South Korea has agreed with the China-initiated Asian Infrastructure Investment Bank (AIIB) to invest 8 million US dollars in the AIIB's special fund.

Some environmental activists have expressed concerns that the AIIB may support coal.

The AIIB is set to increase its lending power in the coming years. An opening ceremony will be held at 2pm, Korea time - so in about two hours time - and Korean President Moon Jae-in will be giving a welcome speech. Demand for infrastructure investment in Asia's developing countries is expected to reach $1.7 trillion annually over the next 20 years.

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