Date
18 December 2017

China steps up effort for Asian infrastructure Investment Bank

China has stepped up preparations for establishing the Asian Infrastructure Investment Bank (AIIB), the China Securities Journal reported Thursday, citing finance minister Lou Jiwei {樓繼偉}.

At the opening ceremony of the Boao Forum for Asia, Lou was quoted as saying that AIIB will be a regional and multilateral development bank for infrastructure projects, with initial capital of US$50 billion. A trust fund will be set up to facilitate public-private-partnership model, which allows for the participation of private capital for large infrastructure facilities, he said.

China is drafting an inter-governmental memorandum of understanding on establishing the bank and expects it to be signed in the fall, the report said.

President Xi Jinping proposed to establish the AIIB at the annual leaders’ meeting of the Asia-Pacific Economic Co-operation (APEC) Forum in Bali last October.

– Contact HKEJ at [email protected]

MY/AC/RC

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