Malaysia subscribing up to US$109.5 million in AIIB

I like the Asian Infrastructure Investment Bank (AIIB) which is definitely more ASIA centric. In fact due to its potential, many countries who signed up to be founding members are not even ASIAN nations. There are a total of 56 founding members. Yes, this is definitely a wow, right. Here’s some of them: China, India, Malaysia, Indonesia, Singapore, Saudi Arabia, Brunei, Myanmar, the Philippines, Pakistan, Britain, Australia, Brazil, France, Germany and Spain. With this list plus China, I think it’s best countries which are outside try to be a member. Nothing wrong to have access to more infrastructure funds for the country, really.

ASIA is where the growth would be. Hey, I am also in Asia. Just a small report in Bernama but I think it’s worth noting this down so that I have some reference points in future. Second Finance Minister, Datuk Johari Abdul Ghani is tabling a Bill in the parliament which will enable Malaysia to submit the ratification instruments and then to pay the subscription which was a precondition to become a full AIIB member. He said, “Malaysia has expressed its commitment to subscribe for a total of 1,095 units worth US$109.5mil (RM459.6mil). Malaysia will pay US$21.9mil, or 20% of the stake, in five installments over a period of five years.”

Also related to AIIB news which was reported by many other medias is that our Former Bank Negara Malaysia (BNM) governor Zeti Akhtar Aziz has been appointed as a member of the Asian Infrastructure Investment Bank (AIIB)’s international advisory panel. She was ranked the world’s best central bank chief in 2009 by Global Finance magazine. She retired just a few months ago, in April after leading BNM for 16 years. Zeti would be joining 10 other key personal on the advisory panel including former prime minister of Pakistan Shaukat Aziz, former finance minister of Sweden Anders Borg, former prime minister of Japan Yukio Hatoyama as well as secretary-general of the Global Foundation Steve Howard. Happy joining AIIB Malaysia.

written on 20th Oct 2016

Next suggested article:   AIIB: US$10 bil – US$15 bil lending per year

 

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