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Thailand to give $281.7 million for AIIB

Staff writer |
The cabinet recently approved in principle for Thailand to contribute a total 9.5 billion baht ($281.7 million) to the Chinese-initiated Asian Infrastructure Investment Bank (AIIB) in five years.

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Deputy Prime Minister Pridiyathorn Devakula said Thailand must allocate 1.9 billion baht a year from fiscal 2016-20 to the AIIB as its start-up capital.

Thailand needs to confirm the joint investment because the fourth chief negotiators' meeting on establishing the AIIB held in Beijing late last month requires all 57 members to settle investment this month. The next meeting will be held in Singapore from May 20-22.

Founding members are expected to sign an agreement for joint investment between June and December, while the AIIB is expected to be officially launched between the end of this year and early 2016. Thailand joined 20 prospective founding member countries in establishing the AIIB last October.

The AIIB is the first Asia-based international bank to be independent from the Western-dominated International Monetary Fund and World Bank.

The bank was first announced by President Xi Jinping and Premier Li Keqiang during visits to Southeast Asia in October 2013 as part of efforts by China to boost its regional clout.

The bank would have start-up capital of $50 billion, with half contributed by China and half by other countries.

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