Myanmar To Invest $264.5-M In AIIB
Myanmar ‘s parliament on Friday approved a proposal to invest US$264.5 in the Asian Infrastructure Investment Bank (AIIB), parliament sources said.
According to U Win Shein, Minister of Finance and Revenue, 20% or US$52.9 of the investment amount will be contributed to the bank by Myanmar at the initial stage every year for 10 years.
Myanmar has been a member of the World Bank (WB) and the Asian Development Bank (ADB), getting monetary assistance from the institutions.
Myanmar will participate in the AIIB as a member to get infrastructure investment assistance, said Kan Zaw, minister of National Planning and Economic Development.
Proposed by China, AIIB aims at providing finance to infrastructure projects in the Asia-Pacific region.
By Song Miou
Paul Ebeling, Editor
HeffX-LTN
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