Invite to join Chinese-backed bank

Monday September 18, 2017 Written by Published in Local

The Cook Islands has been invited to join a newly-formed China-based development bank.

 

The Asian Infrastructure Investment Bank (AIIB) has close to 140 members including Australia and New Zealand.

The bank is a new multilateral financial institution founded to bring countries together to address the daunting infrastructure needs across Asia.

AIIB’s aim is to help stimulate growth and improve access to basic services by furthering interconnectivity and economic development in the region through advancements in infrastructure and other productive sectors.

Finance minister Mark Brown confirmed the government had held a discussion with representatives from the AIIB during last week’s Pacific Islands Leaders Forum in Samoa.

He said Australia and New Zealand were among the first countries to join the bank.

“Some of our Pacific island countries have joined this bank as members. We have been invited to join and we have sent an expression of interest to the bank.”

“We await their response on that and if there is support then we will certainly be putting an application forward in joining AIIB.”

Brown said the AIIB provided the Cook Islands with another avenue for financing options.

“We currently deal mainly with the ADB (Asian Development Bank) but we have dealt with Exim Bank of China and with the European Investment Bank.

“Now we have another avenue through the Asian Infrastructure Investment Bank.

“As a country that is growing and engaging more globally, we have broaden the opportunities that are available to us. And engaging with these organisations is one of the ways to do it.”

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