World Economy

Singapore Wants Role in AIIB Management

Singapore Wants Role in AIIB Management Singapore Wants Role in AIIB Management

Singapore, one of the earliest nations to back a China-led development lender, is among countries considering the need for a presence in the Asian Infrastructure Investment Bank’s management.

“We were one of the early prospective founding members. We’ve moved early, and we’ve encouraged others to move as well,” Finance Minister and Deputy Prime Minister Tharman Shanmugaratnam said in an interview, Bloomberg reported. “Several countries including us are looking at whether we should have our own candidates represented within the management of the institution, but it’s too early to say anything on that.”

Singapore joined 20 countries in being first to sign up for the AIIB in October. Since then, US allies from Australia to the UK have opted to back the bank, confounding efforts by the administration of President Barack Obama to campaign against the institution.

“There’s now a recognition that the AIIB will be a win-win, not just for China or those who joined early, but for the global system,” he said.

“There’s no lack of infrastructural needs out there. There’s a need for more capacity. If it does at the same time mean a little bit of competition, I would say that’s not a bad thing. Not a bad thing as long as it’s not a race to the bottom in terms of standards, but a race to the top.”

The AIIB has made clear its intention to be an institution with high standards in governance and in selecting the type of projects, said Shanmugaratnam, 58. Extensive discussion is taking place on the articles of agreement and governance roles, he said.