Asian Infrastructure Investment Bank Born

• 31 December 2015
• Local News
• 553 Views

China hosted the signing ceremony of the Asian Infrastructure Investment Bank (AIIB) in Beijing on 29 June. The AIIB will finance Asian energy, transport and infrastructure projects, and will rival the World Bank and Asian Development Bank.

Delegates from 50 countries, including Cambodia, signed the founding articles which determine each member’s share and the bank’s initial capital of $50bn, eventually to be raised to $100bn.

HE Vongsey Vissoth, Secretary of State at the Ministry of Economy and Finance, represented Cambodia as a founder member at the signing and stated that it will assist the nation to secure financing to invest in priority areas.

China is the largest stakeholder followed by India, Russia and Germany, though Japan and the US did not join. The AIIB is expected to begin operations before the end of the year.