Joining the Asian Infrastructure Investment Bank (AIIB) as a foundingmember, Vietnam will have certain rights, said Governor of the StateBank of Vietnam (SBV) Nguyen Van Binh.
According to the Governor, the rights include having a voice in planningand building policies of the bank, or taking up executive positions,thus enhancing the country’s role in the bank.
Vietnam needs huge investment for infrastructure through 2020, butdomestic resources cannot meet the demand, hence the necessity ofmobilising capital from foreign sources, Binh said.
He pointed to the fact that the sources of preferential capital frominternational financial institutes such as the World Bank and the AsianDevelopment Bank will be cut down as the country has become amiddle-income country.
Therefore, byjoining the AIIB, Vietnam will get access to an important source forinfrastructure development, said the Governor.
The country will pay attention to choosing effective and practicalinvestment projects, ensuring sustainable economic development, headded.
Scheduled to make its debut at theend of this year, the AIIB, a multilateral financial institution basedin Beijing, will have a total charter capital of 100 billion USD.Currently, the bank has 57 founding members.
The bank’s main objectives are to boost sustainable economic growththrough investing in regional infrastructure system, focusing ontransport, energy, telecommunications, agriculture, the environment andurban development.
It is estimated that Asiancountries will demand infrastructure funds worth some 8 trillion USD fornational projects and 290 billion USD for regional connectivity by2020.-VNA
According to the Governor, the rights include having a voice in planningand building policies of the bank, or taking up executive positions,thus enhancing the country’s role in the bank.
Vietnam needs huge investment for infrastructure through 2020, butdomestic resources cannot meet the demand, hence the necessity ofmobilising capital from foreign sources, Binh said.
He pointed to the fact that the sources of preferential capital frominternational financial institutes such as the World Bank and the AsianDevelopment Bank will be cut down as the country has become amiddle-income country.
Therefore, byjoining the AIIB, Vietnam will get access to an important source forinfrastructure development, said the Governor.
The country will pay attention to choosing effective and practicalinvestment projects, ensuring sustainable economic development, headded.
Scheduled to make its debut at theend of this year, the AIIB, a multilateral financial institution basedin Beijing, will have a total charter capital of 100 billion USD.Currently, the bank has 57 founding members.
The bank’s main objectives are to boost sustainable economic growththrough investing in regional infrastructure system, focusing ontransport, energy, telecommunications, agriculture, the environment andurban development.
It is estimated that Asiancountries will demand infrastructure funds worth some 8 trillion USD fornational projects and 290 billion USD for regional connectivity by2020.-VNA
