New Zealand has formally became a member of the Asian Infrastructure Investment Bank.
Finance Minister Bill English said this week members providing half the bank’s capital needed to ratify its establishment, and that should be completed this month. The bank would start operating in January
“New Zealand was the first developed western nation to join negotiations to set up the bank, and our membership will enhance our already strong economic, trade & investment links with the Asian region.
“Through our role in establishing the bank, we have been able to ensure it has strong governance, environmental & social policies, and transparency – so we have good reason to expect it to deliver efficiently & effectively.
“New Zealand is benefiting from the rapid & sustained economic development across Asia. For this to continue, the region needs to address constraints posed by infrastructure bottlenecks.”
The bank will have initial capital of about $NZ150 billion to promote sustainable development in the region.
Attribution: Ministerial release.