Indonesia Joins Asian Infrastructure Investment Bank

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  • Ilustrasi mesin anjungan tunai mandiri (ATM). TEMPO/Aditia Noviansyah

    Ilustrasi mesin anjungan tunai mandiri (ATM). TEMPO/Aditia Noviansyah

    TEMPO.CO, Jakarta - Indonesia has finally participated in the establishment of the Asian Infrastructure Investment Bank (AIIB). The Finance Ministry announced that the Indonesian government has signed the memorandum of understanding on November 25, 2014.

    The AIIB MoU signing was witnessed by Chinese Ambassador to Indonesia and several officials from the Finance Ministry and the Foreign Affairs Ministry. After signing the Mou, Indonesia and other countries will draft articles of agreement (AoA) and provide technical support for the negotiation.

    Earlier, the AIIB MoU was signed by 21 countries, comprising nine ASEAN countries (minus Indonesia) and other Asian countries. The AIIB was initiated by Chinese Pesident Xi Jinping at the APEC Leaders’ summit in October 2013 in Bali.

    The first goal of the AIIB establishment is to support connectivity and integration of Asian countries, while improving their competitiveness. The AIIB establishment is also aimed to distribute infrastructure financing that cannot be met by other multilateral development banks.

    To Indonesia, the AIIB establishment is important to accelerate developments in infrastructure, energy, transportation, telecommunication, agriculture and other productive sectors.