New Zealand has formally become a member of the Asian Infrastructure Investment Bank (AIIB) announced by Finance Minister Bill English. New Zealand’s ratification would contribute to the AIIB reaching the 50-percent threshold of the needed for the AIIB to establish operations, English said in a statement.
- New Zealand was the ninth country to formally become a founding member. The AIIB would have around 100 billion U.S. dollars of initial capital to promote sustainable development in the region.
- New Zealand’s paid in capital will be around 125 million NZ dollars (83.05 million U.S. dollars), paid over five years.
- The bank was expected to begin operations in January 2016.
AIIB Founding Members :
Belgium, Canada, Czech Republic, Hungary, Taiwan and Ukraine, Colombia, Japan and New Zealand
Key points :
- New Zealand Capital : Wellington
- New Zealand Currency : Dollar
- New Zealand PM :John Key
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