Indonesia Rallies ASEAN Neighbors to Get Key Position in AIIB

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  • TEMPO.CO, Jakarta - Indonesia and 49 other countries agreed on the establishment of the Asian Infrastructure Investment Bank (AIIB). After agreeing to a capital of US$ 672.1 million that will be invested over the next five years, Indonesia is now mobilizing constituencies, seeking to get a key position in the multilateral financial institutions.

    Suahasil Nazara, acting chief of the Finance Ministry's Fiscal Policy Office, said Indonesia should join forces with other countries; getting a six percent vote minimum to get a constituency so that Indonesia can have an executive director position in the AIIB.

    Finance Minister Bambang Brodjonegoro is currently gathering strength with partner countries in ASEAN.

    "Although not all ASEAN countries have joined, we are prioritizing them as our partners," Suahasil said yesterday.

    The founding of the AIIB was initiated by China President Xi Jinping in the APEC Forum in Bali, October 2013, with the purpose of financing infrastructure development in Asia, both for state and private institutions.

    The plan is for the AIIB to have a capital of US$100 billion and begins operating next year, once it has been by 10 countries with at least 50 percent of paid-up capital (subscription).

    Indonesia is the AIIB's eighth largest financier, with the chance of having an important position in the institution.

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