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NEW UPDATES Asean Affairs  30 June 2015  

Singapore signs AIIB

SINGAPORE: The Republic, and 49 other countries, signed the Asian Infrastructure Investment Bank (AIIB) Articles of Agreement (AoA) on Monday (Jun 29).

Represented by Senior Minister of State for Finance and Transport Josephine Teo, Singapore signed the AoA which stated it will contribute US$250 million (S$338 million), or 0.25 per cent, of the AIIB's total authorised capital of US$100 billion, the Ministry of Finance said in its press release.

Of the subscribed capital, 20 per cent, or US$50 million, will be paid in over five years, at US$10 million for each annual instalment. The remaining 80 per cent or US$200 million of callable capital does not need to be paid in, except when decided by AIIB members in extraordinary circumstances, said MOF. This is similar to the practice in other multilateral financial institutions.

Mrs Teo said Singapore benefited from the assistance of multilateral financial institutions such as the World Bank and the Asian Development Bank during the early years of its development.

“We are keen to support further economic development in the region, by working with all founding members to build up the AIIB as a first-class multilateral financial institution. This will provide new opportunities for our businesses and also promote sustainable growth in Asia," she added.

Following the signing, Singapore will seek Parliamentary approval to ratify the AoA, the ministry said. Countries become official members of the AIIB upon ratification of the AoA.

The AIIB is a multilateral financial institution focused on infrastructure development in Asia, and it is expected to begin operations by 2016, the MOF said.

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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






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