The Asian Infrastructure Investment Bank (AIIB) is looking to work with pension funds and insurance firms, among other long-term investors, to co-fund infrastructure projects, the lender's president said on Thursday.

AIIB President Jin Liqun said during a business forum held in the northwestern Chinese city of Xi'an that other regional infrastructure lenders and financial institutions have also expressed interest in co-financing opportunities with AIIB.

According to Jin, the Beijing-based lender is working on a mechanism to enable long-term investors such as pension funds and insurance companies to join its funding of infrastructure projects.

AIIB has already approved four loans totaling US$509 million to fund infrastructure projects in Bangladesh, Pakistan, Tajikistan and Indonesia. Three of them are expected to be co-financed with partners including the World Bank, the Asian Development Bank and the European Bank for Reconstruction and Development.

AIIB will begin reviewing membership applications from some 30 countries in September as it calls on more countries to join its infrastructure funding efforts.

Jin added that the world's first multilateral infrastructure lender led by a developing country will chart a new course in funding projects while learning best practices from established lenders.

He said the lender has been designed to ensure efficiency and accountability and it will also review the environmental and social impact of infrastructure investment.

The AIIB was founded in December 2015 and counts many major developed countries, including the United Kingdom, Germany, Australia and Singapore, as prospective founding members.

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