Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

NZ formally joins Asian Infrastructure Investment Bank

Hon Bill English
Minister of Finance

8 December 2015

New Zealand formally joins Asian Infrastructure Investment Bank

New Zealand has formally become a member of the Asian Infrastructure Investment Bank (AIIB), Finance Minister Bill English says.

Ratification by members with 50 percent of the capital of the AIIB is needed for it to establish operations. New Zealand’s ratification will contribute to the organisation reaching the 50 percent threshold needed for the AIIB to establish operations. This is expected to take place by mid-December.

This follows the passage of the International Financial Agreement Amendment Act here in New Zealand in November.

“Being the 9th country to formally become a founding member is the next step on from our early engagement with the AIIB,” Mr English says.

“New Zealand was the first developed western nation to join negotiations to set up the AIIB, and our membership will enhance our already strong economic, trade and investment links with the Asian region.

"Through our role in establishing the AIIB, we have been able to ensure it has strong governance, environmental and social policies, and transparency – so we have good reason to expect it to deliver efficiently and effectively.

“New Zealand is benefitting from the rapid and sustained economic development across Asia. For this to continue, the region needs to address constraints posed by infrastructure bottlenecks,” he says.

The AIIB will have around NZ$150 billion (US$100 billion) of initial capital to promote sustainable development in the region.

Its infrastructure investments will include improving transportation links, providing sanitation and clean drinking water, and supporting cleaner and more sustainable energy.

The AIIB is expected to begin operations in January 2016.

ENDS



© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

SCOOP COVERAGE: CHRISTCHURCH MOSQUES TERROR ATTACK


'Public Safety': Next Firearms Reform Plan Announced

The next Arms Amendment Bill will:

• Establish a register of firearms and licence holders to be rolled out over 5 years
• Tighten the rules to get and keep a firearms licence
• Tighten the rules for gun dealers to get and keep a licence
• Require licences to be renewed every five years
• Introduce a new system of warning flags so Police can intervene and seek improvement if they have concerns about a licence holder’s behaviour
• Prohibit visitors to New Zealand from buying a gun... More>>

 

Gordon Campbell: On Being Australia's Pacific Go-Fers

Inevitably, there was an aspect of ‘what might have been’ about the weekend’s meeting in Canberra between PM Jacinda Ardern and her Australian counterpart, Scott Morrison... More>>

ALSO:

RNZ: Trades Hall Bombing Case Re-Opened, Evidence Released

The cold case has been reopened and the police have recently revealed more details about the bomb's components - including that it was wrapped in a 1977 edition of The Evening Post. More>>

Safety: Govt Targets Fewer Deaths On The Road

“Most roads deaths and serious injuries are preventable and too many New Zealanders have lost their lives or been seriously injured in crashes that could have been prevented by road safety upgrades,” said Associate Transport Minister Julie Anne Genter. More>>

ALSO:

Pay Rise Delay: Teachers Unions Plan Legal Action Against Novopay

Both of the teachers unions - NZEI and the PPTA - have confirmed they will be taking legal action against Novopay. More>>

ALSO:

Gordon Campbell: On What’s Wrong With Wellington

For many Wellingtonians, it hasn’t been the normal hardships – the workings of central government and the lousy weather – that have recently pushed their tolerance into the red zone. It has been the inability of local government to maintain even the basics. More>>

ALSO:

Emission Statement: 'Consensus Reached' On Agriculture

Today the Government launched a consultation document, informed by the work of the Interim Climate Change Committee (ICCC), on how to bring agriculture into the emissions trading scheme, a key part of the Government’s plan to tackle climate change and reduce New Zealand’s emissions. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels