Just six months after its launch, the Asia Infrastructure Investment Bank (AIIB) has made some progress in its lending business as well as its corporate structure, the bank's president said on Saturday. 

The bank is poised to meet its lending target in the $0.5 billion ($500 million) to $1.2 billion range, and may exceed this target, Jin Liqun told the Board of Governors (BOG) of the AIIB on Saturday. 

The bank's board approved on Friday $509 million in financing for its first four projects including those in power, transport and urban investments for South, Southeast and Central Asia, according to an e-mail sent by the AIIB to the Global Times Friday night. 

A road improvement project in Tajikistan, highway construction in Pakistan and slum upgrading project in Indonesia are being co-financed with multilateral development bank (MDB) partners the Asian Development Bank (ADB), the European Bank for Reconstruction and Development and the World Bank, respectively, the AIIB noted.  The power distribution and expansion project in Bangladesh was the AIIB's first stand-alone project. 

"We expect to bring additional projects to the board in the second half of the year and are working on 2017 projects," Jin told the board on Saturday. 

The founding members of the AIIB should further strengthen their cooperation while focusing more on their own development needs, said Chinese Vice Premier Zhang Gaoli at the opening ceremony of the AIIB's 1st Annual Meeting in Beijing on Saturday. 

"The AIIB is also encouraged to work actively with countries along the route of 'One Belt, One Road' (B&R) initiative to stimulate their economic and social development," Zhang said. 

The B&R initiative refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, two concepts put forward by President Xi Jinping in 2013.

Zhang also suggested that the AIIB learn more from the experiences of existing international financial institutions and MDBs such as the World Bank and ADB, while also exploring funding opportunities with the private sector. 

"Despite the continuing downward pressure on the global economy and uncertainties and challenges that countries face, the fundamentals of the Chinese economy are sustainable," the vice premier minister said, noting that China's GDP growth will further contribute to the economic growth not only in Asia but also in the world. 

"The key is to accelerate economic and trade cooperation with others while pursuing a win-win status for both sides," Zhang noted. 

Over the coming years, as we substantiate, deepen and refine our strategy and deliver strong operational results, "the bank looks to take its place as one of the leading multilateral financial institutions for cutting-edge infrastructure investments and as a pacesetter for Public-Private Partnerships," Jin said at the ceremony.