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

Gordon Campbell: On Why Sustainable NZ Isn’t Self-Sustaining

Asking whether this new, environmentally focussed party can make the 5% MMP threshold may be the wrong question...

Its more achievable goal would be to knock the Greens below the 5% threshold, while along the way reviving all the ancient stereotypes about the centre-left being implacably hostile to rural New Zealand. More>>

 

Report On Consultation: Future Of Tomorrow's Schools

“The 1989 Tomorrow’s Schools reform introduced one of world’s most devolved schooling systems where each school operates largely in isolation of each other... It empowered local communities and modernised an overly bureaucratic system but also led over time to uneven outcomes between schools.” More>>

ALSO:

Queensland Fires: NZ Firefighters Helping Battle Blazes

Twenty-one New Zealand firefighters are departing for Australia to help fight the wild fires that have been raging in Queensland for the past nine weeks. More>>

ALSO:

In NZ:

Discussion Doc: 'Firearm Prohibition Orders' Power For Police

“In practice this may mean a person subject to a FPO could not live in or visit a property where firearms are held, even if the firearm owner is licensed. They could not be in a vehicle which is carrying a firearm. They could not go hunting even under supervision..." More>>

ALSO:

Police: Armed Response Team In Low Level Arrest, 'Preventative' Patrols

Police later said the stop was entirely appropriate, and resulted in the man being arrested without incident for "breaching conditions". More>>

ALSO:

Children's Commissioner Comment: Damning Oranga Tamariki Review Of Uplift Case

“The practice review released by Oranga Tamariki today is rigorous and robust. However, it describes a litany of failure at every step. It is a damning indictment of inadequate social work practice. Many social workers will welcome the light being shone on this case." More>>

ALSO:

Environment Commissioner: ‘Huge’ Data Gaps Undermine Stewardship

Environment Commissioner Simon Upton says ‘huge’ gaps in data and knowledge undermine our stewardship of the environment and is calling for concerted action to improve the system. More>>

  • Image via Out-Link - Focusing Aotearoa New Zealand’s environmental reporting system
  • Science Media Centre - Measuring changes to our environment – Expert Reaction
  • Local Govt NZ - LGNZ backs call for better environmental reporting
  • Environmental Defence Society - EDS endorses Commissioner for the Environment’s report
  • Federated Farmers - Environment data gaps no basis for current policy swings
  •  
     
     
     
     

    LATEST HEADLINES

    • PARLIAMENT
    • POLITICS
    • REGIONAL
     
     

    InfoPages News Channels