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New Zealand formally becomes member of AIIB

Staff writer |
New Zealand has formally become a member of the Asian Infrastructure Investment Bank (AIIB), Finance Minister Bill English said.

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New Zealand's ratification would contribute to the AIIB reaching the 50-percent threshold of the needed for the AIIB to establish operations, English said in a statement.

The move followed the passage of the International Financial Agreement Amendment Act in the New Zealand Parliament in November. New Zealand was the ninth country to formally become a founding member.

The AIIB would have around $100 billion of initial capital to promote sustainable development in the region. New Zealand's paid in capital will be around 125 million NZ dollars ($83.05 million), paid over five years.

AIIB investments would include improving transportation links, providing sanitation and clean drinking water, and supporting cleaner and more sustainable energy.

The bank was expected to begin operations in January 2016.

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