Singapore Wants Role in AIIB Management
World Economy

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.


Short URL : http://goo.gl/7m8dWX

You can also read ...

Mastercard Files Patent to Use Blockchain
Mastercard has filed a patent that reveals it might utilize...
Egypt Growth to Reach 5.2%
The International Monetary Fund expects economic growth in...
Indonesia Growth Accelerating
Economic data released so far this year shows a pick-up in the...
Consumers are starting to realize the extent to which digital services profit from their personal information.
Before the threat of a US-China trade war arose, surging stock...
In Europe, the Stoxx 600 index edged 0.103% higher by mid-day in Frankfurt, with similar percentage gains for benchmarks around the region.
Global stock markets followed Wall Street higher Wednesday...
Household waste recycling installation.
The Circular Economy package, with recycling targets and other...
Turkey Sees 4.1% Growth
Turkey’s economic growth will fall short of the government’s...
Gold Rally Coming
Be patient when it comes to gold, says one analyst, projecting...