Singapore parliament passes its AIIB membership

Singaporean parliament on August 17 passed a bill allowing the country to become a founding member of the China-led Asian Infrastructure Investment Bank (AIIB).

According to the bill, Singapore will contribute 250 million USD to the bank, giving Singapore 0.48 percent of the total voting share.

In the next five year, Singapore will provide 50 million of the 250million USD in over five equal annual installments. The remaining 200 million USD will not be paid in, except when decided by the Bank’s members in extraordinary circumstances.

Senior Minister of State for Finance Josephine Teo said AIIB will promote opportunities for local small- and medium-sized enterprises.

Singapore welcomes new initiatives that will promote greater infrastructure investment, she said, adding better infrastructure and connectivity will facilitate regional economic development, and in turn provide positive spin-offs for the Singapore economy.

AIIB comprises 57 founding members with 50 countries have signed the Bank's Articles of Agreement in July. The remaining seven members need to sign the articles by the end of the year.-VNA