NCPO says Thailand to join AIIB
published : 22 Jul 2014 at 17:38
writer: Wassana Nanuam
The military regime has given the green light for Thailand to join the Asian Infrastructure Investment Bank.
The National Council for Peace and Order agreed in principle Tuesday to join the Chinese-initiated bank as a founding member. Doing so, it reasoned, would gie the kingdom a role in setting the bank's direction and tap its benefits, council spokesman Yongyuth Maiyalap said.
Despite the decision to join, Thailand has not committed to contributing financial resources to the bank. The country will wait until an agreement to set up the bank is completed and signed by member countries, he added.
The proposed bank was announced by Chinese President Xi Jinping ahead of the Asia-Pacific Economic Cooperation summit in Bali in October last year by promising $50 billion for the registered capital of the bank.
Unlike the Asian Development Bank, the AIIB will focus on infrastructure projects in Asia.