Bangkok (VNA) – Thailand plans to takethe lead in creating a regional fund with its neighbours, including Cambodia,Laos, Myanmar and Vietnam, to back infrastructure and other developmentprojects.
Arthayudh Srisamoot, deputy permanent secretaryof Thailand's Ministry of Foreign Affairs, said Thai Prime Minister PrayuthChan-ocha is expected to propose the idea to the leaders of the five countriesat the 8th summit of the Ayeyawady-Chao Phraya-Mekong Economic CooperationStrategy (ACMECS) in Thailand on June 16.
The fund will be operational by 2019, he said,adding that Thailand is set to contribute a substantive initial figure.
It will raise money through the stock and bond marketsby issuing debt for projects such as in power generation as initiated byACMECS.
Contributions from financial institutions andcountries outside the ACMECS framework are also welcome.
Although details are yet to be discussed, membercountries will control the fund by establishing a jointmanagement committee.
The proposed fund will be used for projectspursued under ACMECS' 2019-2023 master plan that will be adopted during theJune 16 summit.
The plan focuses on enhancing connectivity amongthe five countries by upgrading the East-West and North-South economiccorridors.
The five nations will work together to developinformation technology platforms which could also be financed by the fund.
Currently, ASEAN countries receive externalfunding mainly through bilateral agreements with parties outside the region orfrom international financial institutions such as the Asian DevelopmentBank.-VNA
VNA